DLF to scale down Dankuni project
The Economic Times, February 05, 2009, page 5
Sutanuka Ghosal KOLKATA
CAUGHT between the pangs of an economic downturn in the realty space and the Buddhadeb Bhattacharjee government’s reluctance to pursue jumbo land acquisitions ahead of Lok Sabha elections, the DLF Group has decided to scale down its ambitious Rs 33,000-crore township-cum-industrial complex in Dankuni, some 15 km from Kolkata. In the immediate term, the property biggie will set up the township on merely 500 acres although its final land requirement is pegged at 4,840 acres. If subsequent land acquisition is smooth, DLF proposes to execute the project in phases
DLF’s decision follows feedback from the West Bengal government that some local people of Dankuni are keen to offer their land for the DLF venture.
Confirming this, West Bengal’s urban development minister, Ashok Bhattacharya, told ET: “Since the country’s realty sector is undergoing a rough patch amid the liquidity crisis, DLF is likely to initially set up the township on 500 acres. But let me set the record straight. DLF has no plans to pull out of West Bengal. On the contrary, we have informed DLF that we have received firm offers from local people who wish to offer their land for the upcoming project in Dankuni.”.
When contacted, DLF Group executive director Rajiv Talwar said: “We are supportive of the West Bengal government and will work on their advice. We know that land acquisition has posed a problem in the state but we are hopeful that the issue will be resolved by the Buddhadeb government. We have no plans to quit the Dankuni project in West Bengal.”
Despite the scaling down of the project in the immediate term, DLF’s decision to remain involved in the Dankuni venture is seen as a face-saver for the Buddhadeb government, especially since the state’s efforts to acquire land in the area have met with stiff resistance. An official in the state urban department, who did not wish to be named, said: “Land acquisition proceedings in Dankuni area have met with stiff resistance from the Trinamool Congress.”
The Economic Times, February 05, 2009, page 5
Sutanuka Ghosal KOLKATA
CAUGHT between the pangs of an economic downturn in the realty space and the Buddhadeb Bhattacharjee government’s reluctance to pursue jumbo land acquisitions ahead of Lok Sabha elections, the DLF Group has decided to scale down its ambitious Rs 33,000-crore township-cum-industrial complex in Dankuni, some 15 km from Kolkata. In the immediate term, the property biggie will set up the township on merely 500 acres although its final land requirement is pegged at 4,840 acres. If subsequent land acquisition is smooth, DLF proposes to execute the project in phases
DLF’s decision follows feedback from the West Bengal government that some local people of Dankuni are keen to offer their land for the DLF venture.
Confirming this, West Bengal’s urban development minister, Ashok Bhattacharya, told ET: “Since the country’s realty sector is undergoing a rough patch amid the liquidity crisis, DLF is likely to initially set up the township on 500 acres. But let me set the record straight. DLF has no plans to pull out of West Bengal. On the contrary, we have informed DLF that we have received firm offers from local people who wish to offer their land for the upcoming project in Dankuni.”.
When contacted, DLF Group executive director Rajiv Talwar said: “We are supportive of the West Bengal government and will work on their advice. We know that land acquisition has posed a problem in the state but we are hopeful that the issue will be resolved by the Buddhadeb government. We have no plans to quit the Dankuni project in West Bengal.”
Despite the scaling down of the project in the immediate term, DLF’s decision to remain involved in the Dankuni venture is seen as a face-saver for the Buddhadeb government, especially since the state’s efforts to acquire land in the area have met with stiff resistance. An official in the state urban department, who did not wish to be named, said: “Land acquisition proceedings in Dankuni area have met with stiff resistance from the Trinamool Congress.”
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