Telangana: Homeowners in joint-venture deals now stuck

Hyderabad: Property buyers in joint-venture housing projects in the city and other major towns are now stuck between state government and developers.

Developers have failed to pay revenue share to the government as part of JV deals even after years of completion and this has made the government ban registration of these properties — leaving buyers in a sort of ‘no man’s land’ as they are not in a position to secure loans or sell the properties.

The Cabinet subcommittee on JV housing projects, which met developers on Wednesday, want developers to clear dues first and pay for the unutilised land as per the prevailing market value later. These JV projects were taken up by the then AP Housing Board between 2005 and 2008.

The state had allotted land and infra firms were to develop and share revenue with AP. Companies that had entered into a deal included Ramky Infra, Indus Eastern Province Projects, Vasanta Projects, DLC Commercial Projects, Suprabhat Infra,  Madhucon Projects, Serene Estates, Manjeera Constructions and Parshvanth. “I bought a flat from Ramky for Rs 70 lakh in 2011, but it is yet to be registered in my name. I could not secure a foreign education loan for my son by mortgaging the flat as it was not registered. I could not prove we owned assets in India while applying for visa,” said B. Gurushankar Prasad, a parent.