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'Land was bought based on proper papers'

Bangalore, Jan 31, 2013, DHNS:
Palladium Constructions Private Limited, one of the companies that purchased land from GKW Limited which was allotted the land by the erstwhile City Improvement Trust Board (CITB), rechristened as BDA between 1965-67, has said that its purchase was based on proper documentation and that it even has the required approvals to pursue its current project on the land.

Going by the memorandum by the then Special Deputy Commissioner dated November 29, 1984, the Bangalore Development Authority (BDA) was to retrieve the said land and return the title rights of the same to the original owners.

However, Palladium has said: “We had conducted a detailed and due diligence prior to the purchase of the property from GKW, which established that the said property was conveyed absolutely by the CITB by way of three sale deeds.”

It has maintained that the transaction between GKW and Palladium is legal as GKW held the sale deeds of the scheduled property and that the CITB had conveyed the title over the property to GKW absolutely without imposing any conditions. Further, the company said that it is developing the property after securing the necessary approvals from the authorities concerned.

The company has purchased 16.67 acre of land from GKW.

 

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