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Property News #26: Technopark Phase III, ED Seizes Shares of Sunil Kumar, Maharashtra Govt Scraps Dharavi Re-development

SC Gives Green Signal for Technopark Phase III Works in Thiruvananthapuram

As part of Technopark Phase III development, the building work of the Downtown project will be resumed, and a decision of the Supreme Court on an alleged reclamation of wetland will be made by the applicant to appeal under the rule. 

In the 2018 order issued by the National Green Court (NGT), the petitioner Thomas Lawrence referred to the Supreme Court alleging that the district collector did not take action.

NGT received a complaint from Lawrence about mass wetland degradation and a 10-hectare pool within the campus of the Techno Park. In 2018 the court ordered the Thiruvananthapuram District Collector to review the matter and take effective legal steps.

The collector submitted a report saying no action could be taken at the District Collector levels as, according to the provisions of the 2017 Kerala Conservation of Paddy and Wetland (Amendment) Ordinance, the revenue department had approved the reclamation in Attipra village for the sum of 8612 acres.

To build the Technopark (Phase III), the Government provided exemptions for the recognition of the project as public. The collector further claimed that, when the exemption was being given, the Government also ordered the protection of the water required safeguards.

In a declaration that the work would restart Taurus Investment Holdings (TIH) India, which carried out the project Downtown, said that it will continue to work.

Goa: ED Seizes Shares of Sunil Kumar in Sanatan Financers & Real Estates Under FEMA

The Goa-based businessman Sunil Kumar held on behalf of Sanatan Financers and Real Estates Pvt Ltd. for owning two properties in the UK and cheating foreign nationals in money laundering, said the Directorate (ED). 

ED in a statement reported that Kumar’s shares in Sanatan Financers and Real Estates Pvt Ltd, valued at Rs 1.19 crore under the Foreign Exchange Management Act (FEMA).

In the case of allegations brought by foreign people, ED has registered a case on Goa Police FIR against immobilizers, Ankit Kumar and Sunil Kumar. 

The two accused raised funds illegally in the accounts of their various shell firms, including Sanatan Financer and Real Estates Pvt Ltd., on the pretext of selling apartments and villas through a scheme called “Peace Valley.”

The ED arrested the former director of the PMLA and Goa-based company CEO for money laundering by cheating foreigners on the pretext of selling property in the beach state.

Maharashtra Govt Scraps Dharavi Re-development Tender to Invite Fresh Bids

The Maharashtra government has discontinued its previous offer to rebuild Dharavi, Asia’s largest slum at the heart of Asia’s financial capital, and plans to invite new bids for the project that is being built for the past seventeen years. 

The move will likely result in further delay, given the legal expectations as Seclink Technologies is preparing to pursue legal redress, which has been financed from the Royal Families of the United Arab Emirates and Bahrain, which had been the top bidder.

 Before Global tenders in 2018, the previous proposal included splitting Dharavi into five sectors, one of which will be redeveloped by the four by private companies and Maharashtra Housing and Area Development Authority (MHADA). Dharavi would then be divided into five sectors. The plan however did not proceed beyond some of the MHADA’s buildings. In 2018, the State government approved a single project to rebuild Dharavi and sought a single global tender. Due to the central location and proximity to the Bandra-Kurla Complex, it was marketed as a residential cluster and the new business district in Mumbai.

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Bengali Property News#26। Technopark Phase iii। ED Seizes shares। MH Govt. Scraps

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