Southern States - Kerala   

Allegation denied

By Our Staff Reporter

KOCHI MAY 17. The Excel Properties managing partner, Aravind Kumar, today denied allegations levelled against the firm regarding the property deal at Marine Drive here and said it had complied with the terms and conditions of the allotment order.

He said the date for paying the first instalment of 50 per cent was not specifically mentioned in the allotment order. He said the firm had paid Rs. 120 lakhs including EMD within 18 days, Rs. 55 lakhs on the 34th day and Rs. 62 lakhs on the 45th day. The misunderstanding was created by the GCDA. If the GCDA had specified in their order that the first instalment should be paid within 30 days itself, they would have definitely complied with it.

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