J&K Govt may cancel Emaar lease over project delay
Jammu, Oct 19, Oct. 20 -- The Jammu and Kashmir government is considering cancelling the land lease granted to UAE-based real estate major Emaar Group after its proposed multipurpose mall and IT park in Jammu failed to move beyond the foundation stone laid three years ago.An official said the agreement required the company to complete construction within three years of taking possession of the land, with provisions for penalties and lease cancellation in case of non-compliance."The company has not started construction, and the government is not inclined to extend the lease," the official said.Under the agreement, the government could have granted a one-year extension if the company had shown progress towards starting the project. However,...
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