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Rs25 crore worth land allotted for Rs1.14 crore

HYDERABAD: The AP Industrial Infrastructure Corporation continues to draw criticism for allotting lands at throwaway prices to industrialists. In a fresh charge made by the Telugu

Published: 13th January 2012 03:10 AM  |   Last Updated: 16th May 2012 06:13 PM   |  A+A-

HYDERABAD: The AP Industrial Infrastructure Corporation continues to draw criticism for allotting lands at throwaway prices to industrialists.

In a fresh charge made by the Telugu Desam on Thursday, the corporation had allotted about one acre of land worth Rs 25 crore to Teja Enterprises for Rs 1.14 crore for setting up a petrol pump in the IT Park at Nanakramguda here in 2005.

Releasing copies of a set of documents to prove the charge, party MLA Payyavula Keshav told reporters that the firm took a bank loan of Rs 1.60 crore to purchase the land. As per the APIIC stipulation, the allottee of land should start construction work within six months and complete the project within 24 months from the date of taking possession of the land.

Instead of setting up a petrol pump on its own, Teja Enterprise entered into an agreement with a third party, Bhuviteja Enterprise, for development of the land on 60:40 share basis, and received Rs 80 crore towards its 40 per cent share. The developer, Bhuviteja Enterprises, decided to establish an integrated petrol station and an 11storeyed building with a floor space of 1.10 lakh square feet to accommodate a hotel, a restaurant, a business support centre and other facilities.

Keshav said the allotment to Bhuviteja was made in a span of 48 hours when YS Rajasekhara Reddy was chief minister. The then APIIC chairman, BP Acharya and Rajasekhara Reddy, were behind the scam, he alleged.

He said Bhiviteja Enterprises was nowhere in the picture when land was allotted and was floated only after the land had been allotted. Constructin of a multistoreyed building on the land alienated for a petrol pump was illegal, the TDP leader said and appealed to the government to take back the entire land.

Alleging that in the past too the APIIC had allotted lands worth Rs 20 crore for Rs 25 lakh, Keshav wanted to know from APIIC officials whether they sent any report to the government on the irregularities in land allotments. In case it did, it should make it public, he demanded.



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