Taking stern action against two defaulting firms, Greater Mohali Area Development Authority (Gmada) has cancelled their allotment as they failed to deposit full price for the sites they had purchased.
In 2015, MB Infra Build Pvt Ltd purchased a site meant for group housing in an auction at a bidding price of Rs 133.19 crore.
The company has constructed flats/apartments on the 7.123 acre site in Sector 65 and named the project, Beverly Golf Avenue. However, the company failed to deposit the balance amount as per schedule, prompting Gmada to cancel site allotment.
WTC Noida Development Company Pvt Ltd, WTC Chandigarh Development Company Pvt Ltd and Erika Fracon India Pvt Ltd purchased commercial site but failed to deposit the due amount.