SIPCOT's appeal against Singapore Realty to stop construction of residential units in the IT Park dismissed
Courtesy : Wikipedia SIPCOT(State Industries Promotion Corporation)'s appeal against Singapore Reality to stop construction of residential units in SIPCOT IT Park,Siruseri was dismissed by the Madras High Court according to an article in the 'Business Standard' SIPCOT and Lee Kim Tah Holdings Group joint venture: SIPCOT and the Government of India signed an MoU ( Memorandum of Understanding) with the Singapore based Lee Kim Tah Holdings Group on September 16,2003 and incorporated the joint venture Singapore Realty Private Limited. The MoU: According to this MoU, SIPCOT offered 102 acres of land within the IT Park to Singapore Realty The price was 15 lakhs per acre , out of which 13 lakhs had to be paid on the time of allotment and the balance of 2 lakhs had to paid at the completion of the first phase of the residenti