Trump's India project hits regulatory hurdle: Report
Quotes

Trump's India project hits regulatory hurdle: Report

Last Updated: Tuesday, January 10, 2012, 19:32
 
 Comment 0
 
Trump's India project hits regulatory hurdle: Report
New Delhi: Work on reality TV star and property mogul Donald Trump's first Trump Tower project in India has been halted by civic authorities in Mumbai due to a lack of necessary permits, a newspaper reported.

The 45-storey luxury residential tower, located in an upmarket area of south Mumbai, is being built by local developer Rohan Lifescapes, which entered into a joint venture agreement with the Trump Organisation for the project in January 2011.

The Times of India reported on Tuesday that work on the project stopped a couple of months ago after the Bombay Municipal Corporation issued a stop-work notice to the developer for building without the requisite permits.

The developer had been given permission only to do soil testing, not to begin piling work, a BMC official was quoted as saying.

Rohan Lifescapes did not respond to emails and phone calls seeking comment.

"We built beyond what was permitted," Rohan Lifescapes Chairman Haresh Mehta was quoted as saying. "The BMC has become extremely strict under the present municipal commissioner."

Industry sources said the developer would need to get clearance from the Maharashtra government before it can restart work.

"The project is within the Coastal Regulation Zone for which development rules, especially the building's height, are stricter than other areas," said one source, who declined to be named as he was not directly involved in the matter.

Sources said Trump is only lending his name to the project, without holding any equity, to help market the apartments, which are expected to sell for 300 million rupees to 400 million rupees each.

Bureau Report




First Published: Tuesday, January 10, 2012, 19:32


Comments


comments powered by Disqus
Hyundai 4S Fluidic Verna
Hyundai 4S Fluidic Verna
Top 5 anticipated luxury cars of 2015
Top 5 anticipated luxury cars of 2015
Top 5 anticipated smartphones of 2015
Top 5 anticipated smartphones of 2015
World Economic Forum 2015
World Economic Forum 2015
G20 Summit 2014
G20 Summit 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved