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

Part-2: Sports City Scam www.infralive.com 28 InfraLIVE November 15, 2022 experience in real estate develop- ment rather than development of sports infrastructure. Seven members of consor- t i u m n e w l y i n c o r p o- rated/constituted In the consortium, seven out of nine members (see table-2 below) i nc l ud i ng t he l e ad membe r (Xanadu Estate Pvt Ltd) were newly incorporated subsidiaries of a Three C group company called Three C Universal Developers Pvt Ltd, which itself was not a member of the consortium. These seven companies were incorporated as private limited companies on March 10, 2011, ie a week after the tender was floated for Sports City plot. The other two members, Meriton Infratech Pvt Ltd and Sutlej Agro Products Ltd were also either newly incorporated compa- nies or had negligible turnover from real estate construction and development activities. Further, Sutlej Agro Product Pvt Ltd, the key member of the consor- tium and the only company with 25 years of experience in the consor- tium, exited the SPC within six months of its constitution. It was evident that none of the members of consortium had any experience in the real estate construction and development activities at the time of bidding for the award of sports city plot. Further, in comparison to the minimumreserve price of plot of Rs 837 crores, the net-worth of the consortium members individually or collectively, was negligible. They credentials of companies (either holding company or subsidiary companies) without their actual participation as a member of con- sortium to garner large plots beyond their net worth and finan- cial capability. This was imprudent on the part of Noida Authority as the actual allottees lacked the capacity to execute the large sports infra projects. Moreover, the envi- sioned sports city infrastructure necessitated detailed specifications for the facilities with the involve- ment of serious developers for executing the projects. However, Noida Authority failed to lay down any specifications or parameters for the level of intended sports infrastructure. The technical eligi- bility criteria specified for the developers were based on their Table-1 Types of Plots Plot no/Ares (sqm) Date of Allotment/Cost in Crores Name of the Lead Member Name of the Allottee No of Participants in Consortium GH GH-03/100 1,20,000 25.12.208 Rs 252.02 Three C universal Developers Pvt. Ltd Red Fort Jehangir Properties Pvt Ltd 6 GH GH-05/110 1,64,120 10.12.2009 Rs 372.55 Three C universal Developers Pvt. Ltd Granite Gate Properties Pvt Ltd 6 GH GH-1/B Sctor-168 19998.78 17.08.2010 Rs 47.19 Opulent Buildcon Pvt Ltd Opulent Infradevelopers Pvt Ltd 8 (6 Companies + 2 individuals) GH GH-03/143 1,00,166 8.06.2011 Rs 236.09 Silverado Estates Pvt Ltd Three C Estates Pvt Ltd 6 Coml C-01/44 42150 26.03.2010 Madhavilata Granite Pvt Ltd Madhavilata Granite Pvt Ltd 2 Coml 98/C-001 22136 21.12.2010 219.78 Vistar Construcation Pvt Ltd Granite Gate Properties Pvt Ltd 4 Coml 16B/C-001 50,056 16.06.2010 Rs 658.25 Vistar Construcation Pvt Ltd Boulevard Projects Pvt Ltd 10 (4 Copanies + 6 individuals) Coml 98/H-010 24000 21.12.2010 Rs 242.40 Vistar Construcation Pvt Ltd Three C Estates Pvt Ltd 4 Table-2 Sl Members of Consortium Incorporated on Authorised capital (Rs lakh) Paid-up capital (Rs lakh) Directors 1 Xanadu Estate Pvt Ltd 10.03.2011 4 2 Vidhur Bharadwaj, Supreet Singh Suri, Nirmal Singh 2 Xanadu Infratech P Ltd 10.03.2011 1 1 3 Sequel Buildcon Pvt Ltd 10.03.2011 1 1 4 Sequel Building Concepts Pvt Ltd 10.03.2011 1 1 5 Kindle Developers Pvt Ltd 10.03.2011 1 1 6 Xanadu Realcon Pvt Ltd 10.03.2011 1 1 7 Xanadu Infradevelopers Pvt Ltd 10.03.2011 1 1 8 Meriton Infratech Pvt Ltd 22.01.2011 12 12 9 Sutlej Agro Products Ltd 04.02.1985 263 184