Ultimus 2.0

The matter is adjourned to 19.01.2022.

Proceedings dated 19.01.2022 Ms. Neeraj Gautam, Architectural Executive briefed the facts about the project. Ms. Anjana (AR) joined the proceedings through VC  on behalf of the promoter.  Apart from rectifying deficiencies the promoter is directed to clarify as to what is role of land owners particularly in the situation, they are not getting any revenue but responsible for all the obligations of the promoter being licensee.  Necessary clarification shall also be obtained from DTCP as Emaar who is receiving revenue out of the project sale is nowhere party in the LC-IV. The matter to come up on 31.01.2022.

Ms. Neeraj Gautam, Architectural Executive briefed the facts about the project. Ms. Anjana (AR) joined the proceedings through VC  on behalf of the promoter. It is noticed that EMAAR MGF Land Ltd. had entered into various agreements with its group companies (also the land owning companies) namely Halibut Developers Pvt. Ltd. on 25.05.2006, Jamb Propbuild Pvt. Ltd. on 05.02.2007. Logical Developers Pvt. Ltd. on 14.05.2013, Newt Propbuild Pvt. Ltd. on 20.01.2007, Prosperous Buildcon Pvt. Ltd. on 10.06.2013, Zither Buildwell Pvt. Ltd. on 03.07.2006 for development of the project land under consideration. Further, the landowners, Emaar India Ltd. (earlier known as EMAAR MGF Land Ltd.) and MRG World LLP entered into another collaboration agreement on 25.11.2020 authorizing MRG World LLP to develop the affordable group housing project on the land admeasuring 5.2625 acres situated in revenue estate of village Badha, Sector 90, Gurugram, Haryana. As per the above said agreement, the Developer has to pay Emaar India Ltd. (who is neither a license holder nor a land owner) an amount equivalent to 15% of share in net sales revenue generated out of the sale of total saleable area of the project. As per the license no. 38 of 2021 issued by DTCP in favour of Jamb Propbuild Pvt. Ltd. and 5 others in collaboration with MRG World LLP, the developer MRG World LLP is responsible for the entire development of the project ‘Ultimus 2.0’. It is observed by the authority that the license is granted by the DTCP in favour of landowners in collaboration with developer on the basis of collaboration agreement signed between the landowners and the developer. This is a peculiar case where development agreements were signed between the landowners and EMAAR India Ltd. Accordingly EMAAR becomes collaborator/developer if license was applied by the landowners in collaboration with EMAAR India Ltd.  Rather than applying license by the landowners through developer EMAAR India Ltd. a new collaboration agreement was signed among landowners, EMAAR India Ltd. the original collaborator/developer of the landowners and a new entity by the name MRG World LLP wherein the rights acquired by EMAAR India Ltd. were further transferred to M/s MRG World LLP. The DTCP has issued license in the favour of landowners in collaboration with MRG World LLP without any mention of M/s EMAAR India Ltd. despite the fact that license has been issued on the basis of joint collaboration agreement where EMAAR India Ltd.  is also a conforming party along with landowners. As per the joint collaboration agreement entire consideration of the agreement is payable/paid to M/s EMAAR India Ltd.  The promoter shall submit amended license from DTCP acknowledging EMAAR India Ltd. as the co- developer in the license no. 38 of 2021 along with MRG World LLP within three months from the date of grant of registration. The authority decides to grant the registration subject to the submission of bank guarantee of Rs. 10 lakhs on account of approved service plans and estimates, and 10 lakhs on account of approved fire scheme within a week. This bank guarantee shall be forfeited in case the approved fire scheme, approved service plans and estimates are not submitted in the authority within three months from the date of grant of registration.