HC raps APIIC for realty loss

HYDERABAD: The High Court on Wednesday directed severe criticism against the AP Industrial Infrastructure Corporation (APIIC) for venturing into real estate deals and allotting government land

Published: 08th March 2012 02:47 AM  |   Last Updated: 16th May 2012 06:31 PM   |  A+A-

HYDERABAD: The High Court on Wednesday directed severe criticism against the AP Industrial Infrastructure Corporation (APIIC) for venturing into real estate deals and allotting government land to private companies at throwaway rates. Justice Narasimha Reddy made these remarks while reserving orders on a petition filed by the Boulder Hills Villa Owners Association against the state government and seeking a directive to allow registration of villas that they had bought in the controversial Emaar township at Manikonda, Nanakramguda and Gachibowli villages.

“Who encouraged APIIC to allot land to a private company like Emaar? How can the government sell land to a private project at `29 lakh per acre when the property was worth crores of rupees? Why is the CBI not concentrating on land allocation issues when an acre was sold at `29 lakh? Why has the government not reviewed the project?” the judge asked advocate-general A Sudarshan Reddy.

The advocate-general said a CBI enquiry was looking into various aspects of the Emaar project, including the sale of villa plots for a steep premium over the disclosed price of `5000 per square yard. The government has decided to stop registrations of villas in order to prevent losses to APIIC, he said.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp