Infrastructure Leasing & Finance Services restricted (IL&FS), that noninheritable the scam-hit assets firm Maytas Properties in 2011, can pass on the finished villas and residences of the Maytas’ flagship Hill County Project on day.
“The completed residences and villas are two-handed over to the residents on day. it’s been an extended expect the residents. we would like to finish the hiatus and construct our image,” man Arun K. Saha, the chairman of Maytas Properties Ltd and joint MD of IL&FS, told this correspondent.
The prestigious project, formed by Satyam Com-puters founder Ramalinga Raju, came to a grinding halt once Raju admitted to the largest company fraud within the country.
Maytas Properties, that was semiconductor diode by Raju’s sons B. avatar Raju and B. Teja Raju, had collected around `600 large integer beforehand from its customers, UN agency were principally Satyam staff or different IT professionals.
The Rajus, however, stopped the operating citing lack of funds. Ramalinga Raju had allegedly transferred cash from Maytas Properties to Satyam Com-puters via his front firms. this can be a claim, that the present Mahindra Sat-yam management contests.
Most customers, UN agency failed to get the possession of their homes despite paying seventy five to a hundred per cent of sale thought, bore the forcefulness as their cash was stuck. people who availed loans had to pay pre-EMI for the money sanctioned by the banks.
Following complaints and comes regarding the non-completion of the project, IL&FS noninheritable the $64000 estate company, whose planned acquisition by Satyam semiconductor diode to the downfall of the Rajus.
“Initially, Maytas Properties had to finish the project by 2008. Unfortu-nately, it couldn’t,” said M. D. Khattar, the chief military officer of IL&FS.
Ever since June 2011 once IL&FS re-started the project consisting of 840 residences and 322 villas, the corporate has endowed regarding `300 large integer within the project. “About `150 large integer was spent on finishing the project and therefore the rest was for payment of tax dues, labour charges and different arrears,” he said.
Maytas Properties had oversubscribed regarding 600 residences and 270 villas before 2009 on the 85-acres comprising of villas and residences. “We expect to sell the remaining ones by April-May,” man Khattar aforementioned