Hyderabad, April 08: Sending a strong signal to the companies which take land from it but build nothing, the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) on Saturday announced it will continue cancellation of agreements with such companies.
Apart from cancelling the allotment of 1,750 acres to Unitech Limited for developing the Knowledge City in Visakhapatnam, the APIIC governing body which met here Saturday also issued a second notice to the Raheja Group and sought legal opinion for taking action against Emaar Properties.
In Sept. 2007, APIIC had finalised Unitech’s bid for development of the Integrated Vizag Knowledge City. The firm quoted Rs 3,288 crore as the guaranteed amount for 10 years for the state government.
It proposed to construct residential apartments, villas, hotels and townships. However, the company did not pay the auction fees till date and the project has been a non-starter like other projects including Odyssey Science City and Hyderabad Knowledge City.The APIIC recently cancelled land allotments to Odyssey Science City, Hyderabad Knowledge City, Moser Baer and Bollywood director Subhash Ghai’s Whistling Woods Film Institute.
None of these projects have taken off and the corporation’s governing body has decided to take back the land allotted to these companies.
Meanwhile, APIIC has allotted 50 acres for the 100-storeyed Central Business District (CBD) Towers proposed to be developed by the Reliance Group at Manchirevula in Rajendranagar mandal of Ranga Reddy district. The proposed towers will house corporates, hotels and other establishments. Twenty-two international players participated in the recently-concluded bidding process. Further, the corporation also sent the report on budget expenditure of Rs 1,100 crore for 2010-11 to the State government for approval.
APIIC cancelled land allotments to several companies, projects over the past a couple of months.
–Agencies