Final bids for Lavasa project last hope for residents
Real Estate

Final bids for Lavasa project last hope for residents

Lavasa residents eagerly look towards the final bids by two resolution applicants, hoping for a revival of the inordinately delayed residential hill station project.

The deadline to submit the bids was 14 September. Madhav Dhir and Darwin Platform Group are the two resolution applicants and offered a two-part payment system, offering the same upfront amount then phased disbursal of value in 3 to 7 years. The actual payment dues are nearly Rs 8,000 crore.

The Committee of Creditors (CoC) are to finalise the process through subsequent meetings by October. The Lavasa citizens told the media that they hoped for two bidders, allowing them to take over the project.

According to a citizen who sent a letter to the state government and Centre, said that the state government should also intervene. The citizens want to ensure that the project does not go into the liquidation process.

The hill station citizens wished that the bidder should agree with the lender's request and provide an unconditional plan for the project to be taken forward. With the first meeting of the CoC, a citizen said that there would be more meetings before selecting the final applicant.

In May, the citizens sent a letter to CM Uddhav Thackeray, mentioning that for 34 months, Lavasa did not approach the National Company Law Tribunal, but no decision has been taken for the project. The citizens also went to the Prime Minister's Office (PMO).

Image Source


Also read: Creditors of Lavasa township receive two new bidders

Lavasa residents eagerly look towards the final bids by two resolution applicants, hoping for a revival of the inordinately delayed residential hill station project. The deadline to submit the bids was 14 September. Madhav Dhir and Darwin Platform Group are the two resolution applicants and offered a two-part payment system, offering the same upfront amount then phased disbursal of value in 3 to 7 years. The actual payment dues are nearly Rs 8,000 crore. The Committee of Creditors (CoC) are to finalise the process through subsequent meetings by October. The Lavasa citizens told the media that they hoped for two bidders, allowing them to take over the project. According to a citizen who sent a letter to the state government and Centre, said that the state government should also intervene. The citizens want to ensure that the project does not go into the liquidation process. The hill station citizens wished that the bidder should agree with the lender's request and provide an unconditional plan for the project to be taken forward. With the first meeting of the CoC, a citizen said that there would be more meetings before selecting the final applicant. In May, the citizens sent a letter to CM Uddhav Thackeray, mentioning that for 34 months, Lavasa did not approach the National Company Law Tribunal, but no decision has been taken for the project. The citizens also went to the Prime Minister's Office (PMO). Image SourceAlso read: Creditors of Lavasa township receive two new bidders

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?