Hyderabad: The controversial Emaar Properties project in Manikonda on the city outskirts is likely to be limited to apartments and villas that were sold to buyers till 2010. The Telangana government is planning to scrap other components of the project like golf course, club house, boutique, hotel and township, and take back the land earmarked for these purposes.
While the 535-acre project was conceived by TD government in 2003, the controversial dilution of APIIC’s stake in the project happened during YSR government in 2005. With this, the project got mired in legal dispute in 2010, when CBI started a probe into irregularities in the sale of villa plots to some influential persons for throwaway prices. About 100 film stars, politicians and celebrities were questioned by the CBI over purchase of 135 villas sold for just '5,000 per square yard, when the market rate was nearly '60,000, causing a huge loss to the government.
The Telangana state government, which constituted a panel headed by chief secretary last month to find a legal way out for this project, initiated the process to take back 200 acres lying unused, out of the allotted 535 acres. The apartments were erected over 14 acres and they remain incomplete, causing a loss of around '300 crore to buyers. Villa plots were sold over an area of 100 acres.
With CBI cases stalling the project, the TS government is having its focus on taking back the unused 200 acres first and take a call on the remaining acres based on the outcome of court cases. However, the Opposition parties see a 'political compromise' between ruling TRS and influential villa plot buyers, while leaving flat buyers in the lurch.
“The CS-headed panel is a ploy to strike a deal with influential villa plot owners and benefit some leaders of the TRS government. When a CBI case is on, how can the government permit plot owners to build houses and even allow transaction of property,” asked A. Revanth Reddy, TTDP working president.
“On the other hand, flat buyers, mostly the salaried class who secured bank loans, are subjected to harassment for the last five years, as the construction of flats has stopped midway. We will fight against this injustice besides approaching courts against the double standard of the TRS government,” said Reddy.
Nearly 210 buyers are believed to have purchased luxury flats there by spending up to '1.80 crore each, but the works were stopped mid-way in 2010 after the CBI cases came up. Buyers are running from pillar to post for completion of the project, but to no avail.
On the other hand, villa plot owners who purchased plots for throw-away prices were allowed to construct houses and there are complaints of these properties changing hands.
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