Tata Housing not to pull out of Maldives

Tags: Real Estate
Tata Housing Development on Monday ruled out pulling out of Maldives and is discussing with the government there regarding an alternate site for a housing project following plans to construct the Supreme Court on one of the allotted sites.

The Tata group entity also said it is seriously considering the island government’s offer of an alternate land parcel instead of an earlier location and hopes to settle the issue within next one to two months.

“We are not pulling out of Maldives. We are amicably discussing with the government there. We hope that in the next one to two months, we will have a final settlement,” Tata Housing Development senior vice-president (international business and new business initiatives) Sandeep Ahuja said.

The company has been facing issues with the government there for one site, in which a Supreme Court building is planned. The Indian firm was offered four sites to develop housing projects. “We have four land parcels under our possession in Maldives and out of that construction work is going on in three sites. For the fourth one, the government is requesting us to take an alternate land and has offered us three to four sites. We are seriously considering their offer,” Ahuja said.

The company will not have any issue in relocating its housing project to a new site provided the land is of the same size, in similar location and is not sub-standard, he added.

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