India's First Private Hill Station 'Lavasa' Sold for Rs 1.8 Thousand Crores
India's picturesque hill station, Lavasa, located in the Mulshi Valley of the Western Ghats near Pune, Maharashtra, has made headlines as it changes hands. The National Company Law Tribunal (NCLT) has given its approval for the sale of Lavasa to Darwin Platform Infrastructure for an impressive sum of Rs 1.8 thousand crores. The resolution plan put forth by Darwin includes significant payouts to lenders and the provision of fully constructed homes to hundreds of homebuyers associated with the Lavasa Project. This article delves into the details of the sale, the history of Lavasa, and the impact of this resolution plan.
The NCLT Approval and Resolution Plan
The NCLT's green signal for the sale of Lavasa to Darwin Platform Infrastructure marks a significant development in the history of this hill station project. The resolution plan includes a total payment of Rs 1,814 crore, out of which Rs 929 crore will be disbursed to lenders, and an amount of Rs 438 crore will be utilized for providing fully constructed houses to 837 approved homebuyers.
The primary objective behind Darwin Platform Infrastructure's resolution plan is to address the claims of homebuyers and ensure the timely delivery of completed homes within five years from the date of obtaining environmental clearance. The total claim amount for this process stands at a substantial Rs 6,642 crore.
Understanding the Lavasa Solution Plan
The Lavasa Solution Plan aims to tackle the long-standing concerns of various stakeholders connected with the Lavasa Project. A key feature of this plan is that homebuyers will be responsible for bearing the actual future construction cost payable to Darwin Platform Infrastructure. This approach ensures transparency and accountability in the process of receiving fully constructed properties under the approved resolution plan.
Lavasa Hill Station: A Snapshot
Lavasa Hill Station, often referred to as India's first private hill town, was envisioned and built in 2000 by the Hindustan Construction Company. Nestled in the serene Mulshi Valley with the majestic Western Ghats as its backdrop, Lavasa spans an extensive area of 25,000 acres. The development boasts remarkable infrastructure and offers visitors breathtaking views of nature's beauty.
Conclusion
The sale of Lavasa for Rs 1.8 thousand crores to Darwin Platform Infrastructure, as approved by the NCLT, has set in motion a new chapter for this picturesque hill station. With a resolution plan aiming to address the concerns of homebuyers and stakeholders, Lavasa is poised for a promising future under new ownership.
FAQs
1. Who bought Lavasa?
Darwin Platform Infrastructure acquired Lavasa for Rs 1.8 thousand crores.
2. What was the NCLT's role in the sale?
The NCLT approved the sale of Lavasa to Darwin Platform Infrastructure.
3. What does the resolution plan include?
The resolution plan includes payment of Rs 1,814 crore, disbursed to lenders and providing fully constructed houses to approved homebuyers.
4. What is the primary objective of the resolution plan?
The main objective is to settle claims of homebuyers and deliver completed homes within five years after obtaining environmental clearance.
5. Where is Lavasa located?
Lavasa is situated in the Mulshi Valley near Pune, Maharashtra, within the Western Ghats.
