In the last one-and-a-half-year, the Punjab Infrastructure Development Board (PIDB) has chalked out 13 projects, estimated to cost Rs 4,843 crore. But work is yet to take off on any of the projects.

Official documents of PIDB, in possession of Chandigarh Newsline, reveal that construction of a state-of-the-art multi-storied bus terminal-cum-commercial complex and Institute of Hotel Management (IHM) in Mohali was abandoned after the successful bidders failed to fulfill the terms and conditions of the agreements. The total estimated cost of both projects was Rs 300 crore.

Bus terminal-cum-commercial complex

The construction, operation and maintenance of an air-conditioned bus terminal-cum-commercial complex in Phase VI for 90 years was awarded to M/s Akruti City Limited, Mumbai, at the highest bid of Rs 201 crore (against a reserve price of Rs 150 crore) on August 21. The company, however, failed to submit performance security of Rs 10 crore and 50 per cent of the upfront consideration of the total bid amount. Also, the project development fee of Rs 1.25 crore was not paid and the concession agreement within the stipulated period was not signed.

The project is proposed to come up on design, build, operate and transfer (DBOT) basis.

Institute of Hotel Management

For the Rs 150-crore IHM project, the successful bidder M/s Neesa Leisure Limited failed to fulfill the terms and conditions mentioned in the letter of award issued on June 25. Accordingly, a proposal security of Rs 10 lakh, submitted by way of unconditional and irrevocable bank guarantee, has been encashed by the PIDB. The abandoned project involved the construction, operation and maintenance of the institute with a three-star hotel facility for 45 years on a DBOT basis.

Other projects

Another two much-touted projects — IT Tower and Punjab Habitat Centre — have not found any takers yet.

The Rs 150-crore Tower for Information Technology and IT Enabled Services was proposed to come up on a build, operate and transfer basis for a concession period of 90 years. But PIDB’s wait for a bidder seems unending as the last date of receipt of bids (August 7) passed uneventfully. Same is the case with the Rs 175-crore Punjab Habitat Centre. No bid was received for this project even after the last date (September 15).