- HMDA reveals it to Telangana State High Court
The HMDA has reported to the Telangana State High Court that it suspended registration of plots, flats and villas in the Joint Integrated Township project of Ramky Group in Rangareddy district. As the developer forfeited payment of development premium payable to the HMDA, the Development Authority took action against the Ramky Group.
In fact, 14 years ago, the Ramky Group has launched Discovery City Project in Srinagar village. To develop the township, it entered into an agreement with HMDA. However, it failed to pay amount as per the agreement to the HMDA. The HMDA served notices on the Ramky Group in August last year evoking poor response from the developer. However, the HMDA is not satisfied with the reply. Therefore, it asked the Commissioner and IG of the registrations department to stop the registration of flats and villas.
But, the Ramky Group challenged the decision in Telangana High Court. On behalf of the HMDA, Chief Engineer B Lakshmi Narasimha Reddy filed an affidavit in the court on March 31 contending that the HMDA forfeited payment of development premium forcing the HMDA to take disciplinary action against the builder.
Out of the Rs 100 crore development premium agreed upon between the two parties, Ramky Group remitted only Rs 25 crore towards the development premium. Upon subsequent verification, it was revealed that the Ramky Group did not enjoy clear title with regard to 130 acres of land out of the proposed township site of 374 acres. Moreover, 130 acres of land was understood to be locked in disputes, he said making a submission to the High Court.
In fact, the Ramky Group should secure necessary permissions in the name of the special purpose vehicle set up for execution of the project. But, it misled the officials and secured the permissions in the name of Ramky Group. That is why a termination notice has been served on the group asking it to stop the project with immediate effect. As the Ramky Group did not respond properly, the registration of plots, flats and villas was suspended, the engineering official clarified.
