Madhucon projects controversy in Kukatpally

Q: Are there any controversies against the real estate group Madhucon projects? I was hearing some rumours, how much truth is there in them?

Suresh Kota, Hyderabad

19th September 2014

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Replies (11)

I heard that Madhucon deliberately concealed the exit of Binapuri TCM and misrepresented to APHB that TCM holds 11 per cent equity in the SPV.

Sanjay Naidu, Hyderabad

22nd September 2014

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Hey actually, its just come to light that the APHB officials had done the EoI evaluation without involving CRISIL. The statement that CRISIL has done the evaluation is an attempt to escape from the accountability of irregular selection of Madhucon-Binapuri consortium.

Sriram Gowda, Hyderabad

22nd September 2014

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Out of the total 9.04 acres of the land, as much as 7.92 acres is still lying undeveloped, even after eight years from the letter of award in 2004. Even after getting an extension period till 2011, the company failed to develop the project.

Haritha Reddy, Hyderabad

22nd September 2014

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Yes, according to them the delay in completion of the projects are because of court cases in existence prior to the allotment and a host of other issues, including that of the Metro project.

Aamir Mirza, Hyderabad

21st September 2014

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But recently I came to know that the vigilance and enforcement department has recommended slapping a cheating and corruption case, and a CBI probe against Rao, as they are suspecting him of illegally grabbing this piece of land under false pretenses.

Lata Rao, Hyderabad

21st September 2014

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The Madhucon projects people are saying that the development agreement with AP housing board was concluded in 2005. They even claimed to have paid the entire development fee of Rs 40.83 crore towards above said projects.

Srinivasan Rao, Hyderabad

21st September 2014

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10 developers had submitted their proposals, which were evaluated by APHB following standard procedure. After shortlisting the seven developers, only two of them gave their commercial offers. The Madhucon-Binapuri Consortium with share holding composition of 74:26 offered the highest bid of Rs 445 lakh per acre towards development fee.

Ashok Sharma, Hyderabad

20th September 2014

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Oh yeah according to them, despite all difficulties, they have taken various steps to complete the projects since 2004. They claimed that the company had the financial and technically capacity to complete the project, so they never deviated any tender or bid rules in getting the above said project

Geeta Naidu, Hyderabad

20th September 2014

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Yeah its a 9.04 acres govt land parcel in Kukatpally. At first there was even a news article in the Deccan Herald calling out Rao on this, but he denied all charges.

Medha Mammidipuddi, Hyderabad

20th September 2014

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