HDIL and MIAL to settle dispute
Housing Development and Infrastructure Limited(HDIL) and Mumbai Internatonal Pvt Ltd (MIAL) have entered into an agreement to settle all disputes related to termination of contract for 276 acre slum rehabilitation project.
The project, awarded in 2007, involved rehabilitation of 85,000 slum units and was to be completed in 2011. HDIL was supposed to receive transferable development rights along with 65 acre around the airport for building commercial projects like hotels in exchange for clearing the land by rehabilitating the slum dwellers.
The Arbitral Tribunal has now passed an order to the effect of this settlement between the entities. With this order, HDIL and MIAL will not have any damages, claims or liabilities in future with regards to Airport slum rehabilitation project.