KMC richer by Rs 21 cr | Latest News India - Hindustan Times
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KMC richer by Rs 21 cr

None | By, Kanpur
Mar 31, 2006 12:15 AM IST

THE CASH-STRAPPED Kanpur Municipal Corporation on Thursday earned Rs 21 crore through tender of its unused property at Chunniganj area. The price for the land quoted by E City Entertainment India Ltd of Lucknow, which was over Rs 21 crore, was accepted by the KMC.

THE CASH-STRAPPED Kanpur Municipal Corporation on Thursday earned Rs 21 crore through tender of its unused property at Chunniganj area. The price for the land quoted by E City Entertainment India Ltd of Lucknow, which was over Rs 21 crore, was accepted by the KMC.

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The KMC had been making efforts to dispose of the land for the last six years. However, it failed to do so on several occasions. The KMC officials had to give up a similar effort last year although a private firm had quoted Rs 16.65 crore as price for the land.

The minimum price for the 4.5-acre land was fixed at Rs 15.47 crore by the KMC officials. After several failed efforts, the KMC officials made another attempt and floated a tender for the purchase of the land. The KMC officials received three biddings for the land.

The next in the fray was Sun City Project, Cannaught Place, New Delhi, which quoted Rs 17.19 crore for the land followed by Gohai Build Well Ltd also from Cannaught Place, New Delhi, which quoted Rs 17 crore.

Talking to the Hindustan Times, additional municipal commissioner  Raghvendra Vikram Singh said each party deposited an amount of Rs 1.7 crore before quoting the rates. He said with E City Entertainment quoting the highest rate, the land would be sold to that firm after the formalities for the same were completed.

He said the Lucknow-based company would have to deposit 25 per cent of the rest of the amount within 15 days from today. He said this would be followed by payment of the rest of the amount in installments.

According to KMC sources, the provision of installment had been incorporated in the process as the KMC was unable to find a suitable client for purchasing the land.

The KMC officials were under the pressure from  the local builders who wanted the land to be sold at a lower price. This was probably why no builder from the city had filed tender for the sale of the land.

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