1. Revoking SPA status will be beneficial: Lavasa Corporation

Revoking SPA status will be beneficial: Lavasa Corporation

Lavasa Corporation, the real estate development arm of Hindustan Corporation Company Limited, today said the Maharashtra government's decision to revoke its Special Planning Authority (SPA) status, will be beneficial for the company.

By: | Mumbai | Published: May 24, 2017 6:11 PM
 Lavasa Corporation, SPA ,  Hindustan Corporation Company Limited, PMRDA,  Devendra Fadnavis, real estate news Lavasa Special Planning Authority worked as per the rules and regulations laid down by the Maharashtra government and was subject to their supervision. (Reuters)

Lavasa Corporation, the real estate development arm of Hindustan Corporation Company Limited, today said the Maharashtra government’s decision to revoke its Special Planning Authority (SPA) status, will be beneficial for the company. “Lavasa Special Planning Authority worked as per the rules and regulations laid down by the Maharashtra government and was subject to their supervision. This will now be done by the Pune Metropolitan Region Development Authority (PMRDA),” the company said in a statement issued here.

“This brings Lavasa into the Pune Metropolitan area and the company will benefit from the broader urban development plan of the region,” it said. Maharashtra Chief Minister Devendra Fadnavis had earlier directed the PMRDA to extend its jurisdiction to Lavasa Corporation Limited, a private hill city developed by HCC near Pune.

“The company looks forward to closely working with the PMRDA and in close co-operation with the government in developing the Lavasa hill city,” it said. Lavasa Corporation, which got the Special Planning Authority status in June 2008, faced criticism from social activists, alleging that it flouted environment norms.

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The firm and its stakeholders have made a substantial investment in the city’s development which will ultimately see the creation of 1,00,000 permanent new jobs, the company said. The 18 villages that have been declared under the Hill Station Regulation Act also have a stake in the development of Lavasa, it said.

“No land has been acquired by the government for the development of Lavasa Hill City. All the land has been bought legally,” it said. “We also categorically deny reports of speculative and baseless allegations by fringe elements of irregularities and environmental infractions,” the company added.

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