UP Government Puts Noida Land Allotment Cancellation to M3M Group on Hold

The Uttar Pradesh government has recently decided to pause the cancellation of commercial plot allotments in Noida to M3M group companies, Lavish Buildmart and Skyline Propcon, opting instead to reevaluate the decision. This development follows appeals from the concerned companies and reports from the Noida Authority, prompting a reconsideration by the state authorities.

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Initially, on May 10, the allotments for plots in Noida's Sector 72 and Sector 94 were revoked due to alleged violations of the e-tender process rules, as outlined by the Noida Authority. The sites in question were subsequently sealed. However, in a turn of events, Principal Secretary Anil Kumar Sagar of the UP government disclosed that after reviewing appeals and reports, including a direct request from Yatish Vahal, M3M group's Authorized Signatory/Director, the government is now suspending the prior cancellation order.

Vahal had implored the government to retract the cancellation and allow for a hearing on the matter. Following his appeal, comprehensive reports submitted on May 20 and May 29 by the Noida Authority were considered, leading to this interim decision. The authority has been directed to act accordingly based on this new directive.

The controversy surrounds two specific plots: commercial plot number 01 in Sector 94 allocated to Lavish Buildmart Pvt Ltd, and commercial plot number MPC-01 in Sector 72 allocated to Skyline Propcon Pvt Ltd. These allocations were initially nullified due to purported non-compliance with the e-tender scheme's rules and conditions.

The M3M group has expressed its approval of this latest government action. According to a spokesperson from the Gurugram-based developer, substantial investments have already been made into these projects. Over the past 18 months since their launch, approximately Rs 751 crore has been spent on acquiring land and an additional Rs 750 crore on construction activities. The total investment in both projects is estimated at around Rs 5,500 crore, with 45% of units already sold to about 1,400 buyers.

M3M's commitment to its ventures in Uttar Pradesh remains unwavering. The company aims not only to provide employment opportunities but also to contribute significantly to the state's architectural landscape. With a substantial portion of units sold and significant financial investment already injected into these projects, M3M's endeavors in Noida represent a significant stake in the region's development landscape.