Emaar-MGF pays contractual amount to DDA
Emaar MGF, the private developer of the Commonwealth Games Village, paid the contractual amount due to Delhi Development Authority (DDA) on Tuesday, paving the way for individual flat buyers to finally get their flats.delhi Updated: Mar 22, 2012 01:08 IST
Emaar MGF, the private developer of the Commonwealth Games Village, paid the contractual amount due to Delhi Development Authority (DDA) on Tuesday, paving the way for individual flat buyers to finally get their flats.
As per the contract between DDA and Emaar MGF, the developer had to pay an upfront amount of more than R16 crore to DDA. The developer, however, has now paid Rs 19.07 crore to DDA and is expecting a power of attorney from the land development agency.
The Delhi high court, where a petition was filed by the flat owners association, had asked DDA on Monday if it was ready to issue power of attorney to Emaar MGF with respect to the 26 out of the 34 towers in the complex for which completion certificates have already been issued. Once Emaar MGF gets the power of attorney, it can execute sale deeds in favour of buyers.
“We have received the due payment from Emaar MGF and the power of attorney would be issued in a day or two,” said a senior DDA official who didn’t wish to be identified. “The power of attorney is being drafted and is being legally vetted.”
“We have deposited an amount of more than Rs 19 crore instead of Rs 16 crore in the interest of individual flat owners, without prejudice to our rights and contentions, as per our statement in the Honourable high court to clear the contractual dues,” said a senior Emaar MGF official.