Telangana govt gives builders more time to clear dues
Several JV projects were launched in the city and the outskirts over a decade ago.
Hyderabad: The TS government has decided to give some more time to private builders to clear arrears owed to the government with regard to joint venture housing projects. Several JV projects were launched in the city and the outskirts over a decade ago.
While some projects haven’t taken off so far, builders defaulted on payment of government’s share for some projects, where constructions were completed and houses/flats sold.
To collect arrears from builders, the government has imposed ban on registration of properties due to which the buyers were suffering.
In the meeting held last month, the government had agreed to allow registrations, provided the builders clear a portion of the arrears. However, the builders failed to do so yet.
A Cabinet subcommittee constituted to hold talks with builders and resolve the issue met on Friday but no outcome on allowing registrations at this stage could be reached.
Officials brought to the notice of the government that two builders, namely Universal Realtors Pvt. Ltd. and Indu Projects together owed Rs 461 crore to the government.
The subcommittee opined that due to arrears and court cases, the registration of properties would not be possible at this stage.
The subpanel observed that builders should come forward to pay arrears in instalments and this problem could be resolved if builders extend cooperation.
Housing minister A. Indrakaran Reddy said the government was trying to protect the interests of buyers while ensuring erring builders do not get away scot-free.