No irregularities in MyHome Constructions: CM K Chandrasekhar Rao

Published Nov 21, 2014, 7:23 am IST
Updated Jan 10, 2016, 8:38 am IST
KCR stated that the interests of investors would be protected at any cost
Telangana CM K Chandrasekhar Rao
 Telangana CM K Chandrasekhar Rao

Hyderabad: Chief Minister K. Chandrasekhar Rao on Thursday refuted allegations of favouring  Jupally Rameshwara Rao’s MyHome Constructions, by waiving stamp duty and making illegal land allocations in Gachibowli.

He slammed the Opposition laying bare note files signed by former chief minister N. Kiran Kumar Reddy approving the allocations and waiver of stamp duty and said the TRS government has no role in the land allocations. He said baseless allegations was hampering growth in the state.


Explaining the issue, Mr Rao said that DLF, Purvankara, MyHome and other companies bought lands in Raidurgam in an open auction conducted by APIIC.

“In 2007, DLF paid Rs 580.51crore for 31.35 acre of land and paid Rs 34 crore of stamp duty for its registration.

Purvankara bought 19.19 acres at Rs 403 crore. But it was later discovered that part of the  land bought by these two companies was covered under heritage precincts guidelines, due to which  Purvankara wanted to withdraw and DLF sought alternate land,” he said.

The then industries minister Dr J. Geeta Reddy approved alternate allocation of 31.35 acres to DLF which changed its name to Aqua Space Developers.

“Since the firm had paid stamp duty, it requested that stamp duty on registration of the alternate land should be waived.

The then stamps and registration minister T. Narsimham approved it and Kiran Kumar Reddy government issued orders for allotment of alternate land.

“One fine night, Ponnala dreamed of gaming City on parts of land sold to these companies. After Rameshwara Rao protested, Kiran returned the land,” he explained.

"But APIIC  delayed execution of the orders and Kiran Kumar Reddy  resigned as Chief Minister, following which  President's Rule was imposed until  June 2,  and the file finally came to me and  I recommended it without changes.

What is wrong in doing so?" Chandrasekhar Rao fumed. He said he would table all the original note files signed by the then ministers and Governor and anybody can see them.

With Purvankara insisting on cancellation of the land deal, he questioned who would pay the company Rs 218 crores. "My Home Constructions is the only 6 star Crisil rated company in South India." However, KCR stated that the interests of investors would be protected at any cost.

Location: Telangana