Says will scout for new co-developer if Zoom fails to deposit 25 per cent of the project cost.
The Madhya Pradesh government said it would call for fresh tenders for the Crystal IT Park if its co-developer Zoom Developers did not deposit Rs 26 crore (25 per cent of the Rs 104 crore project cost) with the government by March 12.
Audyogik Kendra Vikas Nigam managing director Neeraj Mandloi, said the government had already extended the deadline for depositing the amount twice and would make efforts to find a new co-developer.
Bombay-based Zoom Developers was the single bidder for the project but failed to deposit the required amount. The government has been making efforts to get co-developers since 2003 for developing the IT Park on 7.99 hectare at Bhanwarkuan near Indore University. About 550,000 sft is already built at an investment of of Rs 55.26 crore and Zoom Developers would have to develop another 550,000 sft land. It would be allowed to construct and market another 11,000 sft by 2010.
