Congress Scams of Andhra Comes out

APIIC robbed left, right and centre?

HYDERABAD: A preliminary verification of the deals the APIIC has struck with various companies since 2004 has brought to light a few startling facts. Apart from Unitech to which 1750 acres has been allotted the APIIC has given land to as many as 4,500 companies since 2004. And just about 7.8 per cent of them have put the land to use.

“The land at the disposal of 92 per cent of the companies is lying vacant,” top sources in the APIIC said, adding that verification was on to determine the exact extent of land given to these companies.

The idea behind the allotment of land was promotion of industries and creation of employment.

Even those, who have made use of the land, are facing allegations of irregularities. “We want to resume the land given to these companies as also to Unitech in Visakhapatnam,” APIIC Chairman S Sivarama Subrahmanyam told Express.

The APIIC is keen on reclaiming the land given to Unitech since it has not started work in the 1750 acres allotted to it. The allotment is the largest in terms of acreage and deals too. In fact, it is the largest allocation to one company by a single source. “We will surely resume the land.. since the very purpose of the government generation of employment through industrialisation is defeated,” Subrahmanyam said. The land was allotted to Unitech at the rate of Rs 25 lakh per acre in 2007. In an auction, which the VUDA conducted around the same time, an acre fetched up to Rs 7 crore, sources said.

In a related development, a senior state government official has revealed a crucial facet of the controversial APIIC-Emaar Properties deal. He said there never existed a revenue sharing pact between the APIIC and Emaar. In fact, it was Emaar Hills Township Pvt. Ltd., (EHTPL), the SPV, which signed the dotted line to share revenues with its co-developer Emaar-MGF.

“By virtue of being an equity holder, the APIIC was entitled to a share in profits. There was never an agreement to share revenues between the APIIC and Emaar Properties,” the official told Express. He said the APIIC had signed agreements for two other projects namely the Hyderabad Convention Centre and Novotel Hotel, both developed by Emaar Properties.

“But for the third SPV involving the township project, EHTPL signed an agreement with the co-developer. It wasn’t between Emaar and the APIIC,” he explained. As a result, though the APIIC’s stake technically remains at the original 26 per cent, with the induction of Emaar-MGF, the quantum of revenues the APIIC is actually entitled to will be reduced substantially.

Emaar Properties and the APIIC hold 74 and 26 per cent stake respectively in EHTPL and are entitled to a share of profits. As per the revenue sharing agreement, Emaar-MGF would get 75 per cent of the total revenues, while the remaining 25 per cent has been earmarked for EHTPL. It is in this 25 per cent that the APIIC will hold its 26 per cent stake.

On the other hand, Emaar holds 43.7 per cent in EmaarMGF and as a result, will get its share from both EmaarMGF and EHTPL. “The APIIC will stand to benefit from this agreement as there are no risks and no investments involved and revenues are assured. If the APIIC thought it was getting less, why didn’t it raise these arguments then?” questioned Shrikanth, Joshi, CEO, EmaarMGF.

But here’s the catch. “Though the APIIC was to get a share of revenues, the price at which the property was sold needs to be questioned,” said an official in the APIIC. He explained that in 2007, the APIIC had sold land to other players within the financial district around Nanakramguda for Rs 22,000 per sft. “Why did the APIIC let EHTPL sell the township property for Rs 5,000/sft in 2007? Even going by this figure, we are entitled to get over Rs 1,000 crore by now,” he said.

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One Response to Congress Scams of Andhra Comes out

  1. What about more than 5000 Acres of Sri City in Tada-There is much big fraud there.

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