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.