Real estate major DLF's ambitious Rs 60,000 crore township project at Bidadi in Karnataka, in partnership with Dubai-based Limitless Holding, is in limbo with the management saying it has no "clarity" on the status of the project as it faces land acquisition problems.
"I don't know. The government has not informed us anything on that subject... We do not have any clarity on the project at present moment," DLF Vice Chairman Rajiv Singh said when asked about the status of Bidadi project in Karnataka.
Asked whether the project is put on the back-burner, he said: "If it is in a back-burner, I think I will be happy. I really do not know where it is."
Singh pointed out that land acquisition becomes a "serious constraint" when the company works on a project through government.
"As you are well aware there was a election in the state level and now there is a election at the national level. All these large issues will be known after election is over. Nobody can do anything during the code of conduct," he said.
Singh said about Rs 400 crore has already been invested in this project.
In October 2007, the Karnataka government had awarded Bidadi Knowledge City project, spread over 9,000 acre, to DLF which was proposed to be developed in a 50:50 joint venture with Dubai-based Limitless Holdings over the next seven years.
The project was awarded to DLF, following a global tender issued by the Bangalore Metropolitan Regional Development Authority. The total cost of project was estimated between Rs 50,000 and 60,000 crore including Rs 3,600 crore on land.
At the time of awarding the project, the then state government had said that DLF would be given 2,200 acres of land at Bidadi on the city outskirts. DLF had to deposit Rs 57.55 lakh per acre as development charges with Bangalore Development Authority.
Top Section
Explore Business Standard