PCNTDA has cancelled DB Realty Pune township project

Pune: After the termination of bidding process of for selecting developers for the Pune Township Project by the Pimpri Chinchwad New Town Development Authority (PCNTDA). According to DB Realty a township project allotted to its joint venture company stands has been cancelled by the PCNTDA. As per senior officials said that “joint venture and SPV had compiled on regular basis with the conditions of the said LOA and deposited the upfront payment with PCNTDA and also bank guarantee was provided / renewed from time to time.
Sources said the SPV was waiting for the permission of PCNTDA for execution of the development agreement. However, the monies refunded have been collected in favour of respective constituents of JV, without prejudice to the rights of JV to all their claims, contentions for losses, etc. Shares of the company declined Rs 1.3, or 1.57%, to trade at Rs 81.30.