Political influence disrupts construction of a New Town project

FOR IMMEDIATE RELEASE
Kolkata, West Bengal, India, Republic of (Free-Press-Release.com) February 9, 2012 -- Recently the construction of a Rs 300-crore-plus real estate project in Newtown has been disrupted by some political syndicates in order to teach the contractors a lesson as they dared to procure materials from other sources. The reason behind the trouble at the site for Elita Garden Vista, a joint venture between Keppel Land and Magus Estates of the Jatia Group in Action Area III in Newtown, is the decision by contractors, Simplex Infrastructure, to source bituminous macadam directly from a company.

This particular incident has been referred to at various newspapers, magazines, etc on the context of the kind of effect it had on the real estate sector. Such an issue has raised the concern of security in the minds of developers who are building or are about to build their projects in that area or nearby. The incident has received strong criticism from various real estate organizations who think that any decision regarding the supply/suppliers of material for construction of a particular project should depend on the discretion of the developer.

The director of Axiom Estates, one of the leading providers of Indian properties worldwide, Mr. Sumant Goenka also finds this to be quite a disappointing news for the realty sector. Axiom Estates who have been marketing many renowned projects across Kolkata finds Elita Garden Vista one of the major ones in that. Elita Garden Vista has been one of the most sought after projects in that area so far and such an act associated with it might affect its market credibility. Furthermore it is believed by most of the real estate companies that this kind of behavior from the political sector of the state is also quite demoralizing.
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Sector - V, Salt Lake, Kolkata - 700 091.
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