Five developers in fray to complete 3C's Lotus Projects

A total of five developers have so far expressed their willingness to complete the unfinished ‘Lotus’ brand projects of crisis-hit 3C subsidiary Granite Gate real estate company — Panache and Boulevard. Of these, one will be chosen on October 31 to takeover the two projects, the NCLT-appointed interim resolution professional (IRP) said. “These five developers based out of Delhi, Noida and Gurgaon have been given time up to October 23 to submit their resolution plans. The plans would be examined and the best one would be selected on October 31,” IRP Prabhjit Singh Soni said on Saturday, a day after the committee of creditors held a discussion on the background of the bidders. “In case, plans submitted by the bidders are found infeasible, liquidation process of the 3C subsidiary would be initiated,” Soni added. Lotus Panache in Sector 110 has 3,000 flats due for completion. Lotus Boulevard in Sector 100 has 500 incomplete flats. The insolvency bid at NCLT against Granite Gate was raised by homebuyers on January 10 after the developer missed several deadlines for completion of the two projects which started in 2010.