The word ‘The Pearl’ project of the Aurobindo Realty conjures up the images of 414 units distributed among seven stunning towers located on a site of 8.54 acres in the core of Madhapur, the single floor ‘Sky Mansion’ project with flat plinth areas ranging between 5300 sft and 5400 sft having a balcony in each room. The project has a club house with a plinth area of 62,000 sft. The construction can be described one step ahead of luxury concepts, stunning elevations, indoor and outdoor amenities, landscaping, greenery spaces with awesome architecture will make one to raise one’s eyebrows.
What is the use of launching such a high-end project, described a jewel in the crown of Hyderabad, when the project MD (MD of Aurobindo Reality) was booked in Delhi liquor scam. His arrest left the Hyderabad realty sector shell-shocked. It is rare to find even the most down to earth real estate agent or a novice to the construction field building apartments will get stuck in such scandals. But the million-dollar question is how come Aurobindo Pharma director and MD of Aurobindo Realty get caught in the Delhi liquor scam? The realty sector is shell-shocked following the arrest. What would be the adverse impact of his arrest on the project?
The Aurobindo’s realty project – The Pearl is described as the super project. The price being quoted in the project per sft is Rs 12,000 as the project is top rated of all the luxury projects. The price is described as not great, given the fact that the location of the project is in the core area of Madhapur. According to the sources, many buyers have developed cold feet following the arrest of the MD. The advertisements of the project, inserted by the developers, apparently not evoking good response from buyers.
The arrest of the MD who is cooling his heels in the high-security Tihar Jail, the image of the company is understood to have received severe beating. If Sarat Chandra Reddy who figured as the A2 in the scam was proved guilty, the possibility of authorities seizing the Aurobindo Realty bank accounts is high, according to the word from the grapevine.
Moreover, the realty sector has been caught under the recession. Several buyers, out of fear of the job loss, are not coming forward to book the flats. The people are eager to know when the MD will come out of jail on bail, when will the adverse impact on the Aurobindo Realty projects vanish and when will the buyers come forward to book the flats like before?
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