A multi-crore township project of Mumbai-based DB Reality has been cancelled by the Pimpri-Chinchwad New Town Development Authority (PCNTDA). It has been told by the PCNTDA that the project has been cancelled as it bidding was not accurate and valid. However, the authority has refunded the deposit of Rs 50 crore to the developer.

The multi-crore project has caused unrest among the opposition parties as they have criticized the project of showing ''undue favour'' to DB Realty. It has been told that the project was supposed to take place at Bhosari, 14 km from Pune.

The DB Realty has been under criticism since its two key promoters Shahid Balwa and Vinod Goenka were found guilty in connection with the 2G scam. The two have been since then sentenced confinement in jail.

A DB spokesperson said that the cancellation of the project will affect their cash flow. The group’s shares have been enjoying favoritism in the share market but after the news of its projects cancellation, the shares have plunged. The company official said that it will be seeking professional advice for taking steps to challenge against the decision by PCNTDA.