Wednesday, September 8, 2010

Can lease units to non-SEZ parties: Reatox

Can lease units to non-SEZ parties: Reatox

NAGPUR: M/s Reatox Builders and Developers, coming up with First City residential project in Mihan-special economic zone, has said it had been authorized to lease the residential units also to persons from outside the SEZ area.

Reatox's managing director Atul Shirodkar on Tuesday revealed to media a letter from Maharashtra Airport Development Company (MADC), the SEZ's developer to support his claim. The letter said the company could lease flats in First City to general public/persons outside SEZ area from anywhere around the world. The flats were freely transferable by existing parties to third parties without any fees being charged by Reatox Builders. The MADC letter further said no ground rent was applicable to any lessee.

Shirodkar showed a letter from the Union ministry of commerce that approved the list of goods and services in the project. The letter, he said, was a certification of tax exemption for the material and other services utilized in the project. "An approval for exemption itself shows that the ministry has given its nod to the project," he claimed.

He added that the firm had to pay 80 lakh an acre for the additional 12 acres of land earlier demanded as compensation for reducing the number of floors in the buildings from 18 to 13 following objections by the Airports Authority of India (AAI). "Even though we had demanded land for free we have been charged 80 lakh an acre," he said.

MADC’s affidavit before HC

“OUT of the area that is being utilised for establishing Special Economic Zone, an area admeasuring 31 acres of land is being developed by M/s Reatox Builder and Developers, under power of attorney executed by the ...respondent no 1 (MADC) for construction of residential complex to accommodate employees/officers working in Special Economic Zone.” This is what the Maharashtra Airport Development Company (MADC) had told Nagpur bench of Bombay High Court on an affidavit, duly sworn by a senior officer of MADC in 2008, which is now being violated.
The affidavit was filed by MADC in response to a petition filed by M/s Suretech Hospital questioning the motive of MADC to acquire its land at Mouza Chinchbhuvan for rehabilitation of project-affected persons of MIHAN. Incidentally, the rehabilitation work over 58 hectare land, too, has been entrusted to M/s Reatox Builders- the firm which is coming up with ‘First City’ project in MIHAN-SEZ area.

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