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Others questioned the “very prime” location of the site saying there were problems in its zoning and the plot was not square. “There is already oversupply in the area, with as many as five international groups coming up with five-star hotels here. The demand for this kind of humungous commercial infrastructure will take a few years to come, after other infrastructure projects such as international airport, metro etc. are functional,” added Narbir Singh of X-Cell Group, also into providing project consultancy services.
On would the land not fetch better bids if auctioned as smaller plots, GMADA Chief Administrator V P Singh said, “If auctioned as smaller sized plots, at least 30 per cent of the area would have gone waste on roads and other infrastructure. The fact that it was a public sector undertaking that was the sole bidder was reason enough for the deal to be sealed.”
Other than meeting its own requirement for office space, why LIC would go for it: It can sell it after four years when full and final payment to GMADA has been made. It can also outsource it to realtors. “It is the money of investors like you and me that fill up the coffers of LIC. It is cash-rich and needs to put all that money somewhere,” said a spectator.
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