By Accommodation Times News Service
The realty developer Housing Development and Infrastructure (HDIL) has received a termination notice from the Mumbai International Airport for its 275- acre slum rehabilitation project, citing non-completion of the project on time. The slum rehabilitation major has not accepted the notice and is planning to move court against it. The company however has bow accounted for costs of Rs 440crore into its profit and loss account resulting in a net loss of Rs 280crore against a profit of Rs 316crore a year-ago. The Vice-President, finance, HDIL Prakash Pandey said, we don’t see any logic in this notice and therefore we don’t accept this. We will move court and also seek damages.
Under this largest slum rehabilitation project which was awarded to HDIL in 2007 the company was expected to clear atleast around 275 acres of encroached land around Mumbai International Airport.
The Developer was supposed to receive transferable development rights along with 65 acres around the airport for building commercial projects like hotels in exchange for clearing the land rehabilitation slum dwellers.