Maytas ‘Hill County’ plan falls flat
Hyderabad
June 7: Maytas Hill County, the prestigious project of Maytas Properties Limited, has failed to deliver over 300 bungalows and villas and 840 flats after collecting Rs 650 crore from its customers. The Hill County Home Owners’ Welfare Association, formed after the Satyam scam broke in January 2009, wants to present their case to the Company Law Board (CLB). Their demands are: directives from the CLB to the promoters for time-bound delivery of the dwelling units, compensation for the loss due to delays and punitive action in case of further delay.
The association has written to the chairman of the CLB, the Chief Minister, Dr Y.S. Rajasekhar Reddy, the chief secretary and senior officials alleging that the promoters of MPL have diverted funds. “The association secretary, Mr Anil Kumar Katakam, said many buyers had paid either the entire amount or sums ranging between Rs 40 lakh and Rs 5 crore. We now want to be impleaded as an affected party in the case pending before the CLB,” he said after a meeting on Sunday.
“The promoters have taken additional money from home owners whose units are almost complete, offering to repay such funds in around six months’ time. Some owners are trying to complete construction on their own and move in, despite inadequate infrastructure support,” said Mr Anil Kumar. The association president, Mr Satish Tirupati, said they were promised handing over of completed units by March 2008.
Only half-a-dozen independent bungalows have been completed while the apartments have only the RCC shell in some towers. Some do not have even the structure.
The promoters have virtually closed down operations, sacked most of their employees, disposed of assets and are currently lying low.
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Time to send Raju Jr. to jail as well. It appears the family did not learn from their sins yet.
BTW...what is govwrnment and CLB doing? Something is smelling fishi....
I would like to bring to your notice a corruption that a lot of people
(close to 1000+ families and their relatives) are suffering like me. In 2007 I bought an apartment in Maytas Hill County situated in Nijampet and paid 95% of the money as per the agreement. However after the Satyam fiasco the Maytas properties went in a situation where they are saying they don't have any more funds to complete the construction. The members of the Maytas Hill County has formed an association to represent the grievances 5 months back and started talking to the management. The Company law board, under your guidence, appointed Mr Ved Jain to look after the benefits of the customers however till today there is no progress by Maytas Properties and status quo is disturbing, causing pain to more than 1000 customers who have collectively invested more than 1500 crores in this project. Today the construction is stalled for the last 5 months after Satyam fiasco and no movement of construction at the site, except where a few of the customers are constructing minor work by themselves.
The customers do not have a place to express their pain and there is no
body to listen. Most of the customers have paid anywhere between 75 to 90% of the cost of the house/apartment. As the construction is not completed people can't move in but still have to pay the interest on the loans and pay EMI's monthly to banks.
The company which collected such a huge amount of money is not having any responsibility or any feeling on the commitment that they have given to the customers. This situation is simply created because the law is very evasive and there is not much scope except delays by going through the legal methods.
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