Darwin Platform Infrastructure Limited (DPIL) has emerged as the chosen developer for Lavasa City after the National Company Law Tribunal (NCLT) approved its resolution plan. DPIL’s plan includes a substantial investment of Rs 1,814 crore, with Rs 1,466.50 crore allocated for payments to be made through cash funding and instruments, such as equity, loans, or advances. These funds will be utilized for mandatory payments, meeting working capital requirements, and paying off creditors.
The approved resolution also ensures that fully constructed properties will be delivered to home buyers within five years based on actual costs. DPIL has committed to retaining the existing workforce and has set aside Rs 22.50 crore for city maintenance, as well as Rs 70 crore for infrastructure upgrades and repairs.
This development comes as good news for Lavasa City, India’s first private hill station. The resolution plan’s approval not only secures the future of the project but also provides a road map for further development. The investment of Rs 1,814 crore will significantly contribute to enhancing the infrastructure and amenities within Lavasa City.
By resolving the financial challenges faced by Lavasa Corporation Limited (LCL), DPIL aims to revitalize the real estate market in Lavasa and restore confidence among home buyers and investors. The commitment to complete construction and deliver properties within a specific timeframe demonstrates DPIL’s dedication to fulfilling its obligations and establishing trust with stakeholders.
The retention of the existing workforce is another positive aspect of DPIL’s resolution plan. This move ensures continuity in operations and expertise for ongoing and future projects within the hill city. Furthermore, the allocation of funds for maintenance, repairs, and infrastructure upgrades underscores DPIL’s commitment to creating a sustainable and thriving community in Lavasa City.
With the NCLT’s approval, DPIL now has the opportunity to transform Lavasa City into an attractive destination for residents and tourists. The infusion of funds will enable the development of key infrastructure, including roads, utilities, and recreational amenities, fostering economic growth and attracting investment opportunities.
Overall, the resolution plan presented by Darwin Platform Infrastructure Limited offers a ray of hope for Lavasa City’s future. The commitment to investment, timely delivery of properties, and focus on maintaining and upgrading the existing infrastructure will contribute to the city’s growth and prosperity. As the new developer takes charge, it is expected that Lavasa City will regain its position as a sought-after destination in India’s real estate market.
