Hyderabad, January 15: The Company Law Board’s decision to allow Infrastructure Leasing & Financial Services Ltd to take over the crisis-ridden Maytas Properties Ltd has come as a surprise Sankranti gift for Maytas Hill County Owners Association.
“We are delighted. We hope that the new management will speed up construction and complete the project in due course of time,” Anil Katakam, member of the executive council of the association, told Express.
“The government had assured the owners of compensation for delay in the project based on individual sale agreements. We would now like to take it up with the new management,” Anil explained adding that phase-I of the project was supposed to have been completed in September 2008.
Like Anil, about 600 owners of flats and villas have heaved a sigh of relief on hearing the CLB’s decision to induct IL&FS as MPL’s new promoter which has been asked to complete phase-I within 18 months of taking over MPL. “We have been paying EMIs to the bank though construction had two years ago,” said another owner. IL&FS, which will pump in `150 crore into MPL, will also have an option to rope in another strategic investor or copromoter.
Operations of MPL came to a grinding halt following the multi-crore accounting scandal at Satyam Computer Services in January 2009 including the `1,100-crore Hill County project.
The residential-cum-commercial project envisaged construction of 840 apartments and 326 independent villas with prices ranging from `50 lakh to `150 lakh for flats and `150 lakh to `250 lakh for villas. The earlier management raised over `600 crore in the form of advances from buyers.
–Agencies