Uttar Pradesh Government Cancels Allotment of Two Land Parcels in Noida to M3M Group
A 3 acre property in Sector 72 was given to Skyline Propcon in February 2023 for Rs 176.5 crore, and a 13 acre plot in Sector 94 was given to Lavish Buildmart in November 2022 for Rs 827.3 crore. M3M subsidiaries received their allocations through commercial plot schemes.
Following the filing of a complaint with the Noida Authority in February of this year, the UP government issued its ruling. The complaint claimed that terms and conditions specified by the Authority for plot allotments for subsidiary enterprises through the e-tender process had been broken. Plot allocation standards stipulate that a subsidiary must achieve minimum requirements for net worth, solvency, and turnover.
As a result, the Authority’s CEO-level representative looked into the issue and reported back to the Uttar Pradesh government in April.
The order was issued on May 10 by Anil Kumar Sagar, principal secretary of the UP industrial development department. He stated that the same realtor had been given both plots at non-competitive rates.
