Rs25 crore worth land allotted for Rs1.14 crore

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HYDERABAD: The AP Industrial Infrastructure Corporation continues to draw criticism for allotting lands at throwaway prices to ind..

HYDERABAD: The AP Industrial Infrastructure Corporation continues to draw criticism for allotting lands at throwaway prices to industrialists.
In a fresh charge made by the Telugu Desam on Thursday, the corporation had allotted about one acre of land worth Rs 25 crore to Teja Enterprises for Rs 1.14 crore for setting up a petrol pump in the IT Park at Nanakramguda here in 2005.Releasing copies of a set of documents to prove the charge, party MLA Payyavula Keshav told reporters that the firm took a bank loan of Rs 1.60 crore to purchase the land. As per the APIIC stipulation, the allottee of land should start construction work within six months and complete the project within 24 months from the date of taking possession of the land.

Instead of setting up a petrol pump on its own, Teja Enterprise entered into an agreement with a third party, Bhuviteja Enterprise, for development of the land on 60:40 share basis, and received Rs 80 crore towards its 40 per cent share. The developer, Bhuviteja Enterprises, decided to establish an integrated petrol station and an 11storeyed building with a floor space of 1.10 lakh square feet to accommodate a hotel, a restaurant, a business support centre and other facilities.

He said Bhiviteja Enterprises was nowhere in the picture when land was allotted and was floated only after the land had been allotted. Constructin of a multistoreyed building on the land alienated for a petrol pump was illegal, the TDP leader said and appealed to the government to take back the entire land.