The Hindu : Andhra Pradesh / Hyderabad News : Concern over delay by Maytas

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Monday, Jun 08, 2009
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Concern over delay by Maytas

Staff Reporter

Rs. 600 cr. collected from buyers for 326 bungalows and 840 apartments

Buyers not allowed to enter the premises of Hill County Project
Many have paid much higher prices for houses than present market value

HYDERABAD: The Hill County Home Owners’ Association on Sunday expressed concern at the delay in completion and handing of apartments and bungalows/villas by the Maytas Properties Limited (MPL) at Bachupally, Nizampet Road.

Unfinished work

Members of the association, who were not allowed to enter the premises of Hill County project gathered at the gate on Sunday morning, and said the 326 bungalows/villas and 840 apartments for which around Rs.600 crores were collected were yet to be delivered and it was already 15 months after the schedule. The project development has come to a grinding halt after the Satyam scandal broke out, it claimed.

Most victims are IT and other professionals, many of them NRIs and they were lured into paying much higher prices than prevailing market rates of comparable houses, said Anil Kumar Katakam, association secretary. “Many have sunk their life savings to own a dream house that seems distant every day,” he said.

Completed units were promised to be handed over to the owners by March 2008 but out of the independent bungalows, hardly half a dozen were completed while the apartments have only the RCC shell in some towers and some have not even the structure, the association maintained.

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Andhra Pradesh