Nation Current Affairs 09 Apr 2018 Telangana government ...

Telangana government tries to get back 100 acres from Emaar

DECCAN CHRONICLE.
Published Apr 9, 2018, 2:26 am IST
Updated Apr 9, 2018, 2:26 am IST
Emaar was selected by the government after calling for a request for proposal and allotted 535 acres for the project.
Telangana government logo
 Telangana government logo

HYDERABAD: The Telangana government is considering various options to get back more than 100 acres of land, which was allotted to controversial Dubai-based Emaar Properties in the prime area of Manikonda in Hyderabad.

The erstwhile Andhra Pradesh government had allotted land to Emaar as part of its plans to establish an integrated project with an international convention centre, a star hotel with 300 rooms, 18- hole Golf course and multi-use developmental township, including villas at Manikonda.

 

Emaar was selected by the government after calling for a request for proposal and allotted 535 acres for the project.

Later, Emaar Properties got stuck in a controversy due to violations of agreement. When the government cancelled the agreement, Emaar Properties challenged the government’s decision in a court and the CBI also began its probe into irregularities.

Out of 535 acres allotted to Emaar, 114.43 acres remains unutilised. The state government had set up a committee, including several officials, to get back this land.

The committee is considering various options on this issue. One of them is that the government could develop an IT Park in an area of 35 acres — the land earmarked for the IT park in the master plan — and the development of IT towers in seven acres of the land detached from the project.

 

The government plans to either settle the issue by terminating the agreement that its predecessor government had entered with Emaar or to renew or discontinue the project.

The CBI has estimated that the integrated project had incurred a loss of about Rs 100 crore. Of which, the share of Telangana State Industrial and Infrastructure Corpora-tion — previously Andhra Pradesh Industrial and Infrastructure Corpor-ation — is Rs 26 crores.

The government is also considering Emaar’s proposal to pay the amount to TSIIC from Emaar’s share of profit from the joint venture and no dividend will be taken by Emaar until the amount has been repaid to TSIIC.

 

The government asked the official committee to suggest the best way to protect the interests of TSIIC and the state government by examining violations allegedly made by Emaar, observations made by CBI investigators and enforcement directorate personnel.

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Location: India, Telangana, Hyderabad




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