More trouble is brewing Mayta Properties Ltd, the unlisted company promoted by the family of Satyam Computer Services Ltd founder B Ramalinga Raju.
The owners of Mayta Hill County, its flagship project, require that the construction work is completed within a certain time or their money will be refunded.
Mayta Hill County is coming on 376 hectares, comprising 840 apartments spread over 11 towers and 326 villas in Bachupally a suburb of Hyderabad. The project was launched in 2005. The company in April 2008, Business Standard said that the construction of independent bungalows would be completed by the third quarter of 2008-09 and the apartments will be ready by first quarter FY10.
Although the Apartments are sold between Rs 50 lakh and Rs 1.5 crore, the cost of independent units Rs 1.5 crore to Rs 2.5 crore. The owners also want the company to come clean on costs. They allege that the company had diverted some of the funds it receives from the investment reserve outside Mayta county and, therefore, faces a shortage of funds.
When contacted, the government appointed board member Ved Jain said he could not answer the question while traveling. Representatives of the company, however, said they had already, this would require about Rs 150 crore to complete the project.
The apartment owners, under the auspices of Hill County Home Owners' Welfare Association, organized a demonstration with placards and raised slogans against the company and the developers on the site here on Sunday.
According to the President of the Association Satish Tirupati, not a brick has moved on the construction site within six months. So far, only three independent units were occupied and 40 others are almost ready. Approximately 30 per cent of the work is complete on the remaining units. However, the apartments are not ready yet, "he says.
The company has approached the owners of a proposal from the pool and more money to complete the work on hold and has also proposed to offer a credit note in return. But many owners are not enthusiastic about this proposal. "We have already paid close to Rs 1 crore and get another Rs 15 lakh is difficult, because banks are unwilling to make any other," said a flat owner.
The apartment owners have also requested the state government to intervene and ensure construction is completed at the earliest, or facilitate the return of their owners money.The meet with officials of law firms of tomorrow.
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