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Housing realty cos owe TS 1,500 cr
The State government decided to crack the whip against “erring” realty companies which have taken up housing projects under joint venture (JV) scheme under the united Andhra Pradesh government in the city and other parts of Telangana State as they owed nearly Rs 1,500 crore as part of profit share to government.
Hyderabad: The State government decided to crack the whip against “erring” realty companies which have taken up housing projects under joint venture (JV) scheme under the united Andhra Pradesh government in the city and other parts of Telangana State as they owed nearly Rs 1,500 crore as part of profit share to government.
- The companies, which have taken up housing projects under joint venture scheme, owes 1,500 crore to govt
Of the total 19 JV projects taken up between 2001 and 2004 only one project has been completed and works at most of the projects are yet to take off. Interestingly, the Vigilance and Enforcement Department conducted an inquiry into the matter before the bifurcation of Andhra Pradesh. The Vigilance and Enforcement Department had submitted its report.
Officials of the State Housing Department said though these companies took possession of land from the government, works were not completed within two years as mandated after entering into the agreements. As per the agreement, private agencies should pay 1.75 to 3.4 per cent of the total profit in the residential sector and four per cent from commercial buildings to the State government.
The construction works came to a standstill since 2009 onwards as the companies cited different reasons for the delay in the execution of works. For instance, as much as 35 acres were given to Sitco company, but works are yet to begin here. Similarly, nine acres were given to Madhucon Company in the city, 15 acres to Ramky at Kukatpally and 27 acres to Parsvanth Company.
According to officials, it is estimated that the government should get Rs 1,200 crore to Rs 1,500 crore from these companies as its profit share. As the works are at different stages in the JV projects, the Housing Department decided to find a solution to the problem. The other option before the government is to resume these lands from the companies that have failed to start the works.
The estimations prepared by the Housing Board said the nine projects taken up at the cost of Rs 3,700 crore and are at various stages of completion and companies have to pay Rs 612 crore to the government as revenue share, stamp duty and registration fee. Manjeera constructions owes Rs 102 crore, Ramky Rs 57 crore, Babji Rs 31 crore, Serene Rs 14 crore, Subhrabhat Rs 12.84 crore and Parsvanth Rs 18 crore.
By Patan Afzal Babu
