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Gurgaon: Kingdom of Dreams in lease trouble by HUDA

There is a possibility of termination of the contract between HUDA with the Great Indian Nautanki Company due to non payment issues. The amount of the dues may exceed INR12 crores.

 

As per the HUDA administrator, administration of Kingdom of Dreams has already been sent two notices regarding this issue in June 2011 when the pending amount was INR5.83 crores. The management of Kingdom of Dream has alleged that HUDA had miscalculated the rent as well as did not take into consideration the exponential rise in its investment.

Kingdom of Dreams, Gurgaon

 
As per a lease agreement between Haryana Urban Development Authority (HUDA) and the Great Indian Nautanki Company, the land on which Kingdom of Dreams is set was lent out for a duration of 15 years. As per this agreement, the monthly rent to be paid by the company is INR 36,00,000 and invest as much as INR 40,00,000 for site development.

 

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