Investors are buying land only from government or business houses because they do not have clear titles.
Telangana scam land: Google, Microsoft, domestic companies affected by unclear deeds
Major global companies such as Google and Microsoft are not sure of the value of their real estate in Hyderabad after the Telangana government has launched several legal cases on questionant ownership and transfer of ownership of land in what is assumed Which is a Rs 15 billion rupee scam, an Economic Times statement on Monday.
After opposition pressure, the Telangana government announced the termination of suspicious land records in the city. Investors are now affected by unclear titles in Hyderabad include Google, Microsoft, Tishman Speyer, Shapoorji Pallonji, DLF, Lanco, Puravankara, Salarpuria Sattva and my group.
“It’s time for the government to reconsider and examine all existing procedures and implement open-source banks for investors,” said Veera Babu, CEO of commercial real estate company Cushman & Wakefield. Bijay Agarwal, MD, Salarpuria Sattva Group, said that investors absolved motives that government or business houses, as these values are clear.
In the latest land scam, defendants colluded with land registry agents to acquire hundreds of acres of disputed land in Miyapur Hyderabad and other localities. In addition, senior Telangana Rashtra Samiti are accused in the scam. PS Prasad, a former lawyer for the group of Cyrus Inversiones Shapoorji Pallonji, helped the group to obtain some assets. Secretary-General K Keshava Rao TRS, whose family acquired disputed land from the Prasad trading companies, announced last week that he was leaving the matter after sustained pressure from the opposition.
The government issued a TRS order last week the cancellation of certain powers of officials of the land registry department. But Congressional opposition, Bharatiya Janata Party and Telugu Party Desam claimed that the land that the government at least Rs 1 lakh million rupees in Hyderabad have been invaded during the three-year TRS rule. IT Minister and Telangana industries KT Rama Rao, son of Prime Minister K Chandrasekhar Rao, said the government was ready to contact investors to alleviate their concerns.
But the latest scam on earth could affect short-term investment in the Telangana market, a world real estate adviser said. The real estate market in Hyderabad has been rising since 2014, but now this could change due to land scams.