CWG LD LG 2 LAST

In a detailed chronology of events leading to the
bailout package, the dossier said the decision to offer the
package was taken considering the "national interest" as the
developer had expressed its inability to carry on with the
project due to finacial difficulty triggred by the slump in
real estate sector and that there was little time to go for a
new developer.
"The decision was taken in most transparent way," said
an official.
The dossier said DDA decided to offer a price of Rs
11,000 per square feet of floor area while buying out 333
flats and the rate was finalised after consulting experts from
Housing Urban Development Corporation (HUDCO), National
Building Construction Corporation, besides the then Union
Urban Development Secretary M Ramachandran.
"The rate was much lower than the rate of Rs 13,000
per square feet demanded by Emmar MGF. At that time, the
developer had sold some of the flats at around Rs 14,000 per
sq feet," it has been mentioned.
The DDA had given a bailout to Emmar MGF after it
approached the civic agency saying it cannot go ahead with the
construction as they were facing fund crunch.