Nagpur: Phoenix Infra, the realty firm which once rode high on the Mihan-SEZ wave, has now defaulted in paying its dues to Maharashtra Airport Development Company (MADC) - the state government agency which is developing the project. On account of this, the MADC has forfeited the earnest money deposit (EMD) and issued a letter of cancellation to the firm last month. Though it is learnt that Phoenix had bid Rs20 crore for the land,
the MADC official, who confirmed the development, could not recall the exact amount.
The company had bid for a 4 acre patch of land to build a residential project in Mihan complex. However, even after over 4 to 5 months of bagging the deal through a tender process, Phoenix could not pay the amount it had bid. Phoenix had emerged as one of the key realty players selling plots of land off Wardha Road claiming huge appreciation in value once the Mihan-project came up.
20/01/14 Shishir Arya/Times of India
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the MADC official, who confirmed the development, could not recall the exact amount.
The company had bid for a 4 acre patch of land to build a residential project in Mihan complex. However, even after over 4 to 5 months of bagging the deal through a tender process, Phoenix could not pay the amount it had bid. Phoenix had emerged as one of the key realty players selling plots of land off Wardha Road claiming huge appreciation in value once the Mihan-project came up.
20/01/14 Shishir Arya/Times of India
