Goa terminates mall lease agreement with DLF

Panaji: The Goa government has terminated allotment of a plot worth Rs 90 crore to Delhi Leasing and Finance (DLF), a New Delhi-based real estate company, the Goa legislative assembly was told Wednesday.

Chief Minister Manohar Parrikar told the house that the Economic Development Corporation (EDC), a government-run finance corporation, had terminated lease agreements with five lessees, including DLF.

[caption id=“attachment_668524” align=“alignleft” width=“380”] In October last year, the EDC had issued a show-cause notice to DLF, which was allotted an 18,500 sq m plot for Rs.90 crore to set up a mall at the capital’s Patto. Reuters[/caption]

In October last year, the EDC had issued a show-cause notice to DLF, which was allotted an 18,500 sq m plot for Rs.90 crore to set up a mall at the capital’s Patto, a trade centre which is being billed by the Goa government as the “Manhattan of Panaji”.

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While the plot allotment was made in 2007, the lease agreement dictated that the plot had to be utilized within three years of being allotted. After the three-year term expired, DLF was given a two-year extension to start construction, but the required construction was not carried out.

IANS