KCR govt gives more time for several JV projects were launched in the city and the outskirts over a decade back.
KCR govt has absolute to give some more time to private builders to clear arrears owed to the government with regard to joint venture housing schemes. Numerous JV projects were launched in the city and the outskirts over a decade back. Though some projects have not taken off so far manufacturers defaulted on payment of govt share for some developments, anywhere constructions were completed and houses or flats sold, this is came out as mentioned in the report.
As report, to collect arrears from builders the government has forced ban on registration of properties due to which the buyers were misery, in the meeting held last month the government had agreed to allow actions, only if the builders clear a portion of the amount overdue, however builders failed to do as yet as from the report.
State Cabinet subcommittee constituted to hold talks with builders and resolve the issue met on Friday but no outcome on allowing recordings at this stage could be touched. Administrators brought to the notice of the government that two manufacturers, here namely Universal Realtors Pvt. Ltd, here and Indu Projects together owed 461 crore to the government as report from state officials.
Subcommittee opined that due to arrears and court cases the registration of properties would not be possible at this phase, subpanel experimental that builders should come forward to pay arrears in instilments and this problem could be resolved if builders extend collaboration. Housing minister Indrakaran Reddy said the govt was trying to protect the welfares of consumers while safeguarding erring builders do not get away scot free as per the report.