True Accounts of fake stories

Mumbai Mills bid not won by Akruti Nirman

Last year, a leading English daily reported that Akruti Nirman had won the bid for 10 lakh sq.ft.of Mumbai Mills land at Lower Parel. The report further stated that the DLF Group had provided funds to Akruti for winning the bid. The fact is however far from this. The true account being that DLF Group had bagged the mill land during the auction. The project is going to be the flagship project of DLF's 'Jwala Developers', a Special Purpose Vehicle(SPV) of the group. Mr.Mayur Shah of Akruti Nirman confirmed in a telephonic interview that the group had not won the bid. Rumours and false reports such as these are widely responsible for causing furore in the market. This not just affects a company's reputation, but leads to chain reactions in the industry. It is the duty of media to publish true and faithful accounts and not create fiction for the purpose of sensationalism.

Khira Nagar land not acquired

Four to five months back, media was rife with reports that Khira Nagar, a housing society at Santacruz West was up for sale. It was estimated that the developers were willing to pay three times the actual market cost, as they wanted to develop a mall on the land. Names like Reliance and Walmart cropped up in the list of buyers through Pune based Kumar Builders, headed by Lalit Kumar Jain. Reports went on to confirm that agreements were being signed and the deal had come through.

Till date, the deal has not seen ground.”Though there has been a proposal of land acquisition by the Kumar developers, the deal has not been finalised due to opposition from several members. The Federation of 16 buildings' fate lies in the judgement of the two court cases that are ongoing in the court of law” says Mr.Kumud Shah, a resident of Khira Nagar. When contacted, Mr.Lalit Kumar Jain of Kumar Developers, his comment was unavailable.

Once again, this shows the inadequate research that the media is indulging into. It is highly irresponsible journalism and affects many players in the industry. The media needs to restrain completely from going in for such short term profits. A better approach would have been to keep the readers informed about the progress of the case.