Goa terminates lease agreement with DLF for mall

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SME Times News Bureau | 21 Mar, 2013
The Goa government has terminated allotment of a plot worth Rs.90 crore to Delhi Leasing and Finance (DLF), a New Delhi-based real estate company, the Goa legislative assembly was told Wednesday.

Chief Minister Manohar Parrikar told the house that the Economic Development Corporation (EDC), a government-run finance corporation, had terminated lease agreements with five lessees, including DLF.

In October last year, the EDC had issued a show-cause notice to DLF, which was allotted an 18,500 sq m plot for Rs.90 crore to set up a mall at the capital's Patto, a trade centre which is being billed by the Goa government as the "Manhattan of Panaji".

While the plot allotment was made in 2007, the lease agreement dictated that the plot had to be utilized within three years of being allotted. After the three-year term expired, DLF was given a two-year extension to start construction, but the required construction was not carried out.