Part-2: Where is the Sports Infra in 'Sports City'

Part-2: Sports City Scam www.infralive.com 27 InfraLIVE November 15, 2022 last three years for applicants, which was not commensurate with the minimum reserve price of the sports city plot of Rs 837 crore. Moreover, the allottee was required to spend atleast Rs 410 crores on envisioned sports infrastructure on the plot. Further, the Noida Authority evaluated net worth of the individual applicant case-wise but failed to evaluate the net worth in aggregate in case of multiple allotments to the same allotees dur i ng t he r e l evan t pe r i od . Resultantly, allottees obtained more than one allotment by lever- aging their net worth multiple times. Three C group had bagged the 174 acres plot at a cost of Rs 964 crore on the strength of one of its group companies namely Three C Universal Developers Pvt Ltd which was incorporated on March 7, 2007 and had an equity of just Rs 9 lakhs, turnover of Rs 155.6 crore and net-profit of Rs 8.92 cr in 2009-10. Due to apparent negli- gence of Noida Authority in pro- cessing the bid documents, Three C group were able to corner four Group Housing plots of 384,295 sqm (95 acres) of Rs 861 crore, four Commercial builder's plots of 138,286 sqm (34 acres) at a total cost of Rs 1,548 crore, besides the Sport City plot, during the period 2008-2011, (see table-1 at pg 28). However, it did not indicate any perceptible progress/ development in any of these projects or plots of land. Resultantly, the plot for Sports City was allotted to an incompetent and inexperienced consortium, which did not, prima-facie, fulfil the technical eligibility criterion relating to net worth, turnover from real estate development and construction activities, work expe- rience of having completed two real estate development projects of 10 lakh sqft during the last five years. The CAG further stated that the Noida Authority kept flawed ambiguous term and conditions in the brochures of the scheme which enabled the allottees to use the tor to dispense with the rights of landowners in respect of hearing on objections to proposed land acqui- sition. This scam has been facili- tated by Noida Authority which kept its eyes closed and kept toeing the builder's line while granting approvals after approvals. Uttar Pradesh real estate regulatory authority (UP RERA) also did not protect buyers' interest by inform- ing them of gross violations in the projects by 3C group and their out- standing liabilities of Rs 4,694 crore towards Noida Authority. Here are the additional details. Allotment of large plot of Sport City to inexperienced consortium The CAG had carried out an audit on the Noida Authority and submitted its report in November 2021. In respect of this plot, the CAG observed that the Authority kept eligibility criteria of net worth at Rs 80 crore and turnover of Rs 200 crore from real estate develop- ment and construction activities in B2 c X X X E1 E3 E2 D2 D1 D4 X SC-01, Sector-79