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Parsvnath loses licence to develop housing project in Sonepat

Posted on Jun 17, 2013
Taking a serious note of various violations, the Haryana Government has cancelled the licence of Parsvnath Developers Limited to develop a housing project on nearly 19 acres of land in Sonepat.
In his order, Town and Country Planning Director General Anurag Rastogi cancelled the licence of the group housing colony in Sectors 10 and 11 in Sonepat on account of various violations, including non-payment of the external development charges (EDC), non-approval of the building plans and non-submission of the no objection certificate (NOC) besides other violations of the terms and conditions of the grant of licence.
The developer was given the licence to develop a residential project on September 27, 2006, for a period of two years. Subsequently, the developer applied for the renewal of the licence. Since the EDC was not deposited, the department issued a show cause notice to the developer on June 11, 2012.
On November 19 last year, Parsvnath president PK Jain appeared before the Director General and argued that the company was in the process of getting bank guarantees issued from the banks concerned to get the licence renewed as per the provision of the state governments policy dated April 12, 2012.
According to the 2012 policy, the developer was required to deposit 25 per cent bank guarantee of the outstanding EDC along with an undertaking. However, the developer failed to deposit the 25 per cent guarantee and the undertaking. And by May 3, the outstanding EDC had mounted to nearly Rs 17.55 crore.
Besides, the order said the developer had not obtained the approval of the building plans even after the lapse of over six years of the grant of licence. Meanwhile, certain documents in compliance with the Haryana Development and Regulations of Urban Areas Rules, 1976, had not been submitted to the government.
Moreover, the argument of the company that it had paid an amount of over Rs 40 crore as the EDC for various projects failed to cut ice with the department. “Merely depositing Rs 40 crore against various licences cannot entitle the company for renewal of licence because the outstanding dues were much more,” the order said while rejecting the licence.

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Parsvnath goes for rebranding, launches scheme for home buyers

Posted on May 11, 2013
In a fiercely competitive market, a brand has to be constantly updated so that it does not get outdated. “Brands have to constantly adjust, change and find newer ways,” said Pradeep Jain, Chairman, Parsvnath Developers Ltd, while unveiling the companys new logo. The exercise was part of the real estate companys new corporate identity.To realign w ...
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Kundli real estate - A good long-term investment bet

Posted on May 07, 2013
The real estate market at Kundli in the Sonipat District of Haryana holds great future potential owing to several current and proposed developments such as the Kundli-Manesar-Palwal or KMP Expressway, the Rs. 5000 crore Rajiv Gandhi Education City at Sonipat, the 100-metre-wide road from the IGI Airport to Narela, improved rail connectivity (Kundli ...
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TDI launches ‘Lakegrove' in Kundli

Posted on Apr 18, 2013
In a bid to break new ground, developers are constantly coming up with new housing concepts to lure customers. TDI infracorp, has announced the launch of their mega project ‘Lakegrove- an integrated township built around artificial lake in Kundli-Sonepat. The township will be replete with skyscrapers, Water Side Floors; Independent Villas & Pl ...
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