The construction work of the project spread over five lakh square feet including a four-star hotel was stalled two years ago following East Singhbhum district administration ordering an inquiry into alleged violation of lease agreement signed between Tata Steel and the state of government in 2005.
"The inquiry report has already been submitted and we are expecting some instruction from the state government next month in this regard," said the vice-president of Ashiana, Col Shantanu Haldule.
Claiming that its customers in the proposed project were intact, Haldule said in 2010, the booking for space in the project was done at Rs 3,000 per square feet, which was certain to go up on account of cost escalation.
Referring the upcoming projects in and around the steel city, Haldule said the company has proposals for establishing a residential complex of 500 units in Adityapur in adjoining Seraikela-Kharswan district.