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SIPCOT's appeal against Singapore Realty to stop construction of residential units in the IT Park dismissed

SIPCOT IT Park,Siruseri
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 residential units or after three years - whichever is earlier

The Agreement:


                              As per the agreement , 6000 housing units were to be built in three phases of 2000 in each phase .The first phase was to be completed in three years from the date of registration of the sales deed which was done on May 16,2004.The project is called 'Southlands'

The Dispute:


                             On February 17,2006 the Government of Tamilnadu passed an order cancelling the MoU citing environment clearance issues .SIPCOT asked Singapore Realty to return the allotted land.The company in turn challenged the State Government's order stating that the application for environment clearance was still pending and not yet rejected.

The Resolution:


                              This case came to an end as the Madras High Court passed an order in favor of Singapore Realty company dismissing SIPCOT's appeal and allowing Singapore Realty to proceed as per the MoU.




References:

1.http://www.business-standard.com/article/companies/madras-hc-dismisses-sipcot-appeal-against-singapore-realty-114033000352_1.html
2.http://www.singaporerealty.net/southlands/
3.http://www.leekimtah.com/port_property_in.htm

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