Gurugram's Kingdom of Dreams sealed, here is why | Mint
Active Stocks
Mon Feb 26 2024 11:48:13
  1. Tata Steel share price
  2. 143.40 -1.44%
  1. Power Grid Corporation Of India share price
  2. 287.75 1.97%
  1. ITC share price
  2. 408.65 -0.72%
  1. State Bank Of India share price
  2. 754.65 -0.63%
  1. HDFC Bank share price
  2. 1,427.85 0.49%
Business News/ News / India/  Gurugram's Kingdom of Dreams sealed, here is why
BackBack

Gurugram's Kingdom of Dreams sealed, here is why

The city’s cultural hotspot in Sector 29 has been sealed by Haryana Shahari Vikas Pradhikaran (HSVP)

A visual from a performance at the Kingdom of DreamsPremium
A visual from a performance at the Kingdom of Dreams

The Haryana Shahari Vikas Pradhikaran (HSVP) sealed the Kingdom of Dreams (KoD)---the city’s cultural hotspot in Sector 29.

It was sealed on Friday for non-payment of dues to the tune of over 100 crore.

Following the incident, the management of KoD approached the court to obtain a stay order against the HSVP order issued on July 6 asking for the termination of the lease agreement.

According to HSVP officials, Kingdom of Dreams, operated by Great Indian Nautanki Company, owed 42 crore in 2016 as lease to the Haryana Urban Development Authority (Huda), now known as HSVP, but the amount kept compounding due to non-payment of dues.

The monthly rent was set at 36 lakh when the lease agreement was executed on February 15, 2008.

Spread over almost six acres, the complex receives around 700,000 visitors annually but was severely hit after the Covid-19 pandemic which broke out in 2020.

The entertainment hub used to have live theatre performances, culture gully and cuisines of 16 states.

Earlier, on November 10, 2014, the HSVP had filed a case against Kingdom of Dreams, under Section 138 of the Negotiable Instruments Act and sections of the IPC after a 3.92 crore cheque submitted by the KoD management bounced.

The 350-crore entertainment project has been facing cash flow issues and a paucity of funds for further expansion since 2014.

KoD has been issued several notices for non-payment of dues and the authority was on the verge of closing it before a proposal came from the KoD management seeking help from the state government, said officials.

to assess the viability of the entertainment hub, a three-member committee comprising the Haryana State Industrial and Infrastructure Development Corporation managing director and two additional state chief secretaries was formed in 2016 but nothing fruitful came out.

After several rounds of meetings, the state government wanted to ensure the cultural hub is kept afloat, but there were no takers.

Finally, on July 6 this year, the HSVP sent a notice to KoD for termination of lease agreement.

 

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Jul 2022, 08:12 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App