Regulator takes cognisance of ‘pre-launch’ of Trump Tower project
Files sought: Haryana Real Estate Regulatory Authority has sought record of the matter from the state town and country planning department.Updated: Mar 21, 2018 15:27 IST
The Haryana Real Estate Regulatory Authority (HRERA) has taken cognisance of the launch of the Trump Tower project in Gurgaon before the grant of joint development and marketing rights to Olive Realcon Pvt Ltd, for which the rights were sought by the licencee. On Sunday, HT has reported on how the project had hit a potential stumbling block, following issue of a show-cause notice to the licensee.
The approvals sought by the licensee, Manglam Multiplex, are pending with the Town and Country Planning department (TCPD), Haryana. The TCPD has already issued a notice to Manglam Multiplex Pvt Ltd asking it to show-cause within 30 days, on why the colonisation licence granted to it should not be cancelled for violating its terms and conditions.
One being asked, chairman, HRERA, Gurgaon, KK Khandelwal said the regulatory authority was examining the matter. “We have also sought the record in this regard from the TCPD,’’ Khandelwal added.
Manglam Multiplex is the licence holder of the project, but project advertisements have mentioned M3M Developers and Tribeca Developers.
The ads say the project is a joint venture between M3M and Tribeca. Olive Realcon is a new entity for which Manglam Multiplex has sought permission from the TCPD to assign joint development and marketing rights. The approvals are pending.
The disclaimer on the Trump Tower Delhi NCR website says that Olive Realcon, the owner and developer of the property, uses the Trump name and mark under licence.
One of the stipulations under the policy that dictates change in beneficial interest is that the name of the licensee of the project should be displayed prominently in advertisements.
The project is not owned, developed or sold by the Trump Organisation, which has licensing agreements with its Indian partners, who build the projects and acquire the Trump brand name by paying a fee.
Manglam Multiplex made a request to the TCPD in October 2017 to assign joint development and marketing rights to Olive Realcon for constructing and marketing the Trump Tower apartments spread across 2.83 acres in Sector 65, Gurgaon.
This was essential for using the Trump name and mark for the project. The request was pending approval because of checks having been initiated by the department on the status of the land, a state official said.
The checks had been initiated to ensure that the project wasn’t coming up on land whose release from an acquisition process was being probed by the CBI on Supreme Court orders.
In November 2017, the SC ordered the CBI to investigate the release of a majority of 1,400 acres being acquired in eight villages during the rule of the previous Congress government. The acquisition was meant for residential projects in sectors 58 to 63 and residential-commercial projects in sectors 65-67 in Gurgaon.
First Published: Mar 21, 2018 15:23 IST