Housing JVs on track

Cabinet panel to inspect stalled projects in city

The Telangana state government has initiated steps to put the stalled joint venture housing projects in the city back on track.

Most of the joint venture housing projects in the city have either failed to take off or stopped midway despite the allotment of land more than a decade ago by the Congress government in undivided AP.

The Cabinet sub-committee constituted by the state government to revive JV housing projects on Thursday took up ground-level inspection of JV projects in city.

The JV partners sought some more time to finish projects. The state government is likely to extend the deadline for the completion of projects next week.

The committee headed by housing minister A. Indrakaran Reddy, visited the DLF housing project at Gachibowli, Madhucon, Serene and IJM projects in Kukatpally. The

BUYERS OF these flats could not get their houses registered as builders defaulted on paying the government’s share.

CABINET PANEL plans to inspect the projects to arrive a solution, which can benefit all parties, including buyers and the government.

committee examined the possibility of reviving these pending projects.

Speaking to reporters, Mr Reddy said that the previous Congress government had approved 19 joint venture housing projects in public private partnership mode in 2007 but a majority of the projects remains pending even after a decade.

“In some projects, which are partially completed, the buyers are facing several hardships with without the registration of property. As per the JV agreement, the private JV partners have to pay the state government’s share of revenue in the project. Since they have defaulted on the payment, the registration was stopped. The buyers are complaining as to why they should suffer for the fault of builders. The Cabinet sub-committee will examine all these issues and find an amicable solution which would be beneficial for all,” Mr Reddy added.

The committee is of the view that all these projects can be revived if the government gives them provision to pay revenue share in instalments besides extending the deadline to complete the projects.

“At this stage, if the project was stopped or the government tries to resume the land, it would put buyers in trouble. Most of the buyers are from salaried class and belong to middle and upper middle sections. The government’s intention is that no decision should be taken which will cause trouble to buyers,” he said.