HYDERABAD: Property registrations of various residential and commercial projects being taken up jointly by the Andhra Pradesh Housing Board (APHB) and private players have come to a standstill. Property buyers are worried as the APHB has not taken any steps to clear hurdles.
The registration of properties was put on hold as deadline for completing projects and power of attorney, which was given to private developers by the Board, has expired in February. APHB has to extend the power of attorney and deadline for completing projects, but requests of developers to this effect have been pending with APHB for the past six months.
Initially, the developers and buyers thought the extension might be given in a couple of months. The APHB meeting was last held in May. Since then, the Board has not met as there was no regular vice-chairman and managing director.
APHB has taken up joint ventures like Cyberabad Hitech Integrated Development Corporation Pvt Ltd in Kukatpally in 65 acres, Indu Eastern Province in Bandlaguda near GSI in 50 acres, other projects in Kukatpally and Gachibowli by Serene Estates Pvt Ltd, Manjeera Constructions Ltd, Madhucon Projects Ltd, Ramky Towers, DLF Commercial Development Ltd, Babji Relators Pvt Ltd and Vasantha Projects Ltd.
Officials said the projects were taken up with 40% residential component and 60% commercial space. Of 21 projects, 16 were taken up in Hyderabad, the rest in other cities like Visakhapatnam, Warangal and Khammam. Most projects began in 2007 and 2008 and were supposed to be completed within 24 to 36 months, depending upon the size of the project. Two projects in Kukatpally were completed, while the rest were at different stages of completion. Some projects got delayed due to reasons like delay in handing over land and permissions from civic bodies.
As the projects were getting completed (various blocks), the developers began selling space to prospective buyers. For instance, three blocks of Madhucon Projects Ltd in Kukatpally were completed and another block was yet to be taken up due to land dispute. Since the deadline for various projects expired in February, property registrations were stopped in May.
The project developers approached APHB for extension. The then APHB vice-chairman and managing director Sanjay Kumar put the extension proposal before the APHB board meeting in May. The Board asked developers to furnish details like status of works, audit reports and other information apart from legal opinion on the extension. By the time the developers furnished the information, the APHB VC &MD got transferred. Since then, housing secretary Karikal Valavan has been acting chief of APHB and the Board has not met to take a decision on extension of time and registrations.
When contacted, APHB project coordinator V Nagarjuna admitted that registrations were put on hold. He said it would be sorted out soon.