The Reliance group may be a multi-million dollar company, but it has Rs341 crore due to be paid to the Mumbai Metropolitan Region Development Authority (MMRDA). The amount has come out in the public domain through an RTI application that was filed with the authority.
The RTI application was filed by Anil Galgali. Galgali in his application had sought to know the details of plot C-66 at G block in Bandra-Kurla Complex. The plot is leased out to M/s Reliance Industries Ltd. It was leased after an agreement in 2008.
As per the agreement, the land cost was over Rs918 crore. It was leased out at a cost of Rs1 per sq mtr for a total cost of Rs10,183 pa. As per the lease, two kinds of development was to take place. While 20,366 sq mtrs were for public parking, 30,550 sq mtrs were for commercial development.
Reliance Industries had to complete the project in 4 years from the date of allotment. “However, they have flouted the condition. The metropolitan commissioner imposed an additional premium of 40% amounting to approximately Rs341 crore and extended the deadline for completing the work by 28/05/2015. Despite it being a big firm, it has not been able to complete work and pay the dues,” said Galgali.
When contacted, RIL Spokesperson said: “Plot No. C-66 (G, Block BKC) is being developed by Raghuleela Builders Pvt. Ltd. under a development agreement as per prevailing Lease Deed/RFP conditions. This is duly permitted by MMRDA. Delay in payment can’t be referred as default since as per RFP, lessee can make the payment along with Interest, if any, before Final Completion Certificate is granted.”
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