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TG Housing Board resumes lands worth ₹1K cr from lax agencies
The Telangana Housing Board has taken action on the pending joint venture projects that have been taken up during 2005-2007 in Hyderabad.
Hyderabad : The Telangana Housing Board has taken action on the pending joint venture projects that have been taken up during 2005-2007 in Hyderabad. The Housing Board resumed the lands valued nearly Rs 1,000 crore from agencies for not completing the housing projects.
Officials said that Indu Eastern Province Projects Pvt Ltd has not completed the total development including LIG units to be constructed and to be handed over to TGHB at Bandlaguda. The developer filed for arbitration before the Arbitral Tribunal and the Arbitration Award was passed by the Tribunal. The government has already resumed the unutilised / undeveloped land of 10.418 acres of LIG land. The total cost of the land was about Rs 417 crore.
The board resumed 9.04 acres of land from Madhucon Projects Ltd which took up the housing project at Kukatpally. The developer has not taken up the development even after a lapse of 20 years also and notwithstanding the approval of the Cabinet Sub Committee / Government for payment of revenue share amount of Rs 101crore to the Housing Board. The Board resumed the unutilised / undeveloped vacant land to a value of about Rs 600 crore and is constructing the compound wall around the resumed land.
Universal Realtors Pvt Ltd at Gachibowli also returned 19.95 acres of land to the government, as the developer has not completed the total development even after a lapse of 20 years and also not paid the revenue share to the government.
