| ||Ashiana Housing Development Status of Utsav Lavasa | 10/22/2011 2:47:00 PM|| |
| ||Ashiana Housing Ltd has informed BSE regarding a Press Release titled "Ashiana Housing Development Status of Utsav Lavasa"|
"As per its latest order, dated October 13, 2011, the Ministry of Environment and Forests (MoEF) withheld clearance to Lavasa saying credible action was not taken by the state government against Lavasa Corporation. The matter came up for hearing at the Bombay High Court on October 20, 2011, in which the State Government informed that it would initiate "credible" action against Lavasa for violation of environmental laws within two weeks. The Bombay high Court has directed the MoEF to pass a clear order stating whether the application is accepted or rejected within three weeks. November 16, 2011 is the date set for next hearing by the Court.
We are hopeful for an early and a positive resolution to the matter. However, we would like Co disclose the financial implications that may arise if unfortunately the project is denied.
As of September 30, 2011, we have collected approximately Rs. 31.51 Crores from the customers of Lavasa and the total amount spent including land and construction costs tunes to Rs. 22.91 Crores approximately. The Gross Profit recognised from the project till March 31, 2011 is Rs. 8.91 Crores."