Maytas Hill County - Non completion of Maytas Hill County Project for last 3 years

To:
Sri S. Balasubramanian,
Chairman,
Company Law Board,
Government of India.


CC:
Dr. Y.S. Rajasekhara Reddy, Honorable Chief Minister, Govt of A.P
Sri P.Ramakanth Reddy, IAS, Chief Secretary to Govt of A.P
Sri N.V. Ramana Reddy, IRPS, Nodal Officer to monitor issues of NRIs
Sri T. Bhaskara Sarma Addl. PS to CM, A.P
Dr. P.Subrahmanyam, IAS, Principal Secretary, AP CM\'s Office


Respected Sir,

At the outset let me thank you for the initiation you took in nominating Mr. Ved Jain as your nominee in Maytas Properties board. This gave the owners, who bought the flats and houses a ray of hope in getting the units get completed at Maytas Hill County, Hyderabad.

I would like to bring to your notice the pain with which a I & my family along with 1000+ owners of Hill County homes and their families are facing now due ti the indiffrent attitude of Maytas Properties Ltd.

I am NRI living in Singapore. In 2007 I purchased a Bungalow (224) in Maytas Hill County situated in Bachupally, Nijampet. I paid 100% of the money ( Rs 110 lacs) as per the agreement and registered the property subsequently in 2009 while it is in construction. As we wanted to come back and settle in India I purchased this bungalow basing the commitments made by Maytas.

However after the Satyam fiasco the Maytas properties completely stopped the work at Hill County project and expressed that they don\'t have any funds to complete the project.

The members of the Maytas Hill County has formed an association (hillcounty-owners@yahoogroups.com) to facilitate dealing with Maytas properties ltd management and the related authorities.

Though our association have been meeting MPL management & Mr Ved Jain, there is absolutely no progress at Maytas Hill county.

Maytas Properties ltd is not demonstrating any responsibility and not honoring any of the the commitment they have made to our Executive Committee

Construction activity has been at stand still from Dec 2008. This status quo situation is very disturbing and causing pain to more than 1000 customers & families who have collectively invested more than 1500 crores in this project. While payments are already made and Maytas is asking for loans from distressed home owners to resume construction work. This is pathetic situation which is never heard of.

Most of the customers have paid anywhere between 75 to 100% of the cost of the house/apartment amounting to Rs 1500 criores app. As the construction is not completed people can\'t move in but still have to pay the interest on the loans and pay EMI\'s monthly to banks.

You may pls appreciate that, as a salaried employee this money is my life time savings

I and my family as well as 1000 families are thus pained heavily.. This has disturbed completely our financial status & shattered our lives.

May I request you, Sir, to please take appropriate steps to ensure that the work is resumed at Maytas hill county and a firm plan is drawn for completion of our homes.

Kind Regards,

Yours truly,