Real estate projects get fillip

The construction work on subleased Tata Steel lands will resume soon following Jharkhand High Court directive paving the way for it. Several projects of malls, multi-storied marketing complex and hotels that were in halfway for the past more than a year or so in the steel city are now hopeful of completion.

The State Government had on September 22, 2012 ordered for immediate suspension of construction work at all the 59 plots under Tata sub-lease area.  As fallout of the administrative move, a section of builders had in October 2012 moved the Jharkhand High Court challenging the State Government's step. 

The lease holders includes mainly JUSCO that is getting a shopping mall and multiplex constructed, Prakash Jha’a shopping mall, XlRI’s extension of educational institute, Indian Red Cross Society’s 25-bed hospital, Tata Bluescope factory, Kerala Samajam Model School’s playground, Ram Krishna Mission Vivekanand Society schools’ extension work, Singhbhum Homeopathy Medical College extension construction work, Tata Robins Fraser factory extension construction site, Tata Consulting Engineers off.

The Jharkhand High Court had given some relief to the builders, directing that those willing to continue the construction may do so on the basis of submitting affidavits declaring they would be carry out the construction at their own risk, only 9 parties out of 59 had started construction on the basis of the undertakings.  Others sub-leasees had pleaded before the Jharkhand High Court seeking lifting the ban on the construction as it would lead to a huge loss to them.

" We welcome the move of the court. We are coming up with the multiplex-cum-IT Park along the Sonari marine drive . However, we were forced to stop construction immediately after the administration's ban on construction in September 2012.  In view of the Jharkhand High Court's fresh ruling, we are looking forward to start construction,” noted an official of Kaushal Kanchan Construction Private ltd (KKCPl).One of the entrepreneurs, Billu Singh, who has the project at Bistupur said that he was left with no alternative when the ban was imposed however, now he is looking forward to resume the construction at his project site.