Track2Realty: PDA Omaxe City, a Joint Development Agreement (JDA) between real estate major Omaxe Ltd. and PDA is all set to see the light of the day as the petition challenging the veracity and legality of the JDA project was dismissed as withdrawn in Punjab and Haryana High Court.
After verifying the relevant records related to the bidding process which started way back in 2005 by PUDA, the Court expressed satisfaction over the submitted documents which clearly states transparency and fair practices in the way the tender was given to Omaxe Ltd. The 85:15 revenue sharing JDA between Omaxe and PUDA was signed in 2006.
“The aforesaid process followed, thus, shows that the transparency of the procedure could not really be doubted nor was there any special or tailor-made conditions for M/s Omaxe Limited, there being a comprehensive bidding process,” the Court observed.
Welcoming the Judgment, Mohit Goel, CEO, Omaxe Ltd. said, “We were always confident and hopeful of the Judgment coming our way. We had full faith in the Judiciary and justice has been delivered. It is ultimately a victory of hundreds of homebuyers who have always stood by us. The project has assumed a new lease of life and the coming times will see more development at the site.”
Omaxe says it remains committed to PDA Omaxe City in Patiala. With plots, EWS Flats and SCOs, the integrated township is one-of-its-kind in the region which remains a mix of exquisite lifestyle and affordability. Homebuyers can now heave a sigh of relief as their dream homes become a reality.
With a lot of development being witnessed in the city of Patiala and with the growth of middle class and wealthy individuals, PDA Omaxe City is strategically located at Sirhind Road, Baran.
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