Boulder Hills Hyderabad
Boulder Hills is a real-estate project in the Gachibowli area of Hyderabad, promoted by EMAAR, Emaar MGF and APIIC. This project has been embroiled in a controversy over land acquisition and dilution of the state's share of ownership. News reports suggest that the APIIC agreed to dilute the public stake by undervaluing the land that it contributed. About 500 acres (2.0 km2) of land was acquired by APIIC in 2002-2003 for setting up a golf course and residential properties. Of the 535 acres (2.17 km2) of land in Manikonda near the Indian School of Business, APIIC sold 285 acres (1.15 km2) at 27 lakhs per acre as against the prevailing price of 1 crore per acre in 2003. The remaining 235 acres (and an additional 15 acres (61,000 m2) of unusable land) were allotted as a 66 year lease with a 2% share of the Golf course revenues. EMAAR sold this project to EMAAR-MGF and diluted the value of APIIC's stake from 26% to 4%, by not considering the prevailing market rate for the land in 2009.[1]
Multiple claimants to the land have emerged, including the WAKF board and the previous farmer owners of this land.[2][3] The customers who have paid for properties in the developed project are in jeopardy due to the unclear land title.[4] On the back of the controversial Boulder Hills deal with EMAAR-MGF, several other APIIC projects, including the Raheja Mindspace IT park, that were approved in the period between 2003 and 2009 are being questioned.[5][6][7] There are allegations of irregularities in land deals during the Chief Ministership of Y.S. Rajasekhara Reddy.[8][9]
There are also allegations that government officials were allocated parcels of the property at deeply discounted prices compared to the prevailing market price.[10] Officials who previously ran APIIC and seem to have conflicts of interest with the developers,[11] have refuted many of these allegations and defended earlier land allotment decisions.[12][13]
There have been several calls for a thorough investigation into APIIC deals either by the CBI or by the state investigative agency CID.[14][15][16] Though there were initial reports of an external audit,[17] the calls for a CBI enquiry were downplayed by the Andhra Pradesh Government, which has initiated an internal APIIC probe.[18][19][20]
In August 2011, the Andhra Pradesh High Court instructed CBI to conduct a detailed inquiry in this matter.[21]
References[edit]
- ↑ Sengupta, Sudipta (11 August 2010). "APIIC loses prime land in blind deal". Times of India.
- ↑ Sengupta, Sudipta (12 August 2010). "Wakf Board says APIIC-Emaar deal void". Times of India.
- ↑ "KCR Wants Land To Be Given Back To Farmers". Times of India. 19 August 2010.
- ↑ Sengupta, Sudipta (15 August 2010). "Emaar row gives customers the jitters". Times of India.
- ↑ "'All APIIC deals dubious'". Times of India. 15 August 2010.
- ↑ Sengupta, Sudipta (14 August 2010). "APIIC's Raheja deal gets hit too". Times of India.
- ↑ "Another APIIC shady deal comes under scanner". The New Indian Express.
- ↑ "'Rs 10,000-cr scam took place during YSR rule'". Hindustan Times.
- ↑ "JC & co accuse Ambati of Rs 10,000 crore scam". Express Buzz.
- ↑ Sengupta, Sudipta (13 August 2010). "Babus, politicos got prime Emaar plots?". Times of India.
- ↑ "Babu has road named after him!". Times of India. 14 August 2010.
- ↑ "Acharya's bouncer". Times of India. 15 August 2010.
- ↑ "Acharya denies wrongdoing". Deccan Chronicle.
- ↑ "Desam seeks inquiry into land acquisition". Deccan Chronicle.
- ↑ "Naidu demands CBI probe into Emaar land row". SIFY.
- ↑ "Probe sought into anomalies". Deccan Chronicle.
- ↑ "Emaar: third party audit likely". Chennai, India: The Hindu. 14 August 2010.
- ↑ "Emaar deal facts may not come out". Times of India. 18 August 2010.
- ↑ Nagaraju, Jinka (15 August 2010). "3-member panel to probe Emaar deal". Times of India.
- ↑ "Cabinet goes soft on Emaar deal probe". Times of India. 20 August 2010.
- ↑ http://indiatoday.intoday.in/story/cbi-probe-ordered-into-emaar-land-deal/1/147709.html
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