Hyderabad: The agony of the buyers in the joint venture projects of the erstwhile AP Housing Board with Indu Eastern and Ramky Infra has doubled with the TS government proposing to cancel the joint venture agreements as the vigilance and enforcement department has alleged irregularities in the joint venture agreements.
The two developers Indu and Ramky, moved the court against the cancellation and the court directed the state government to find a mutually acceptable solution that would not affect the interest of the Board.
Following the court order and in view of the representation of the developers, the state government appointed a Cabinet subcommittee to deal with the issue. The subcommittee recommended the state government for constitution of agreement in view of the fact that both developers have completed construction of the flats and villas and sold them to individuals.
The buyers then moved the HC which directed that the TS Housing Board and the developers must register the flats in the names of the buyers who have paid the full amount. When the Housing Board did not comply, buyers moved a contempt cases against it and the developers. Officials of the Board and the two companies are facing contempt cases.
The TS Housing Board has informed the HC that in view of the recommendations of the Cabinet sub-committee, TS has sought the opinion of law and finance departments.
