This Strange Deals Only Happen In Vizag?

Even before the Daspalla land controversy cooled down, yet another scandal in Vizag emerged and this time local MP is alleged to have a hand in it. Going into details, Eenadu published an article exposing a strange deal between builders and owners of the land.

Vizag MP MVV Satyanarayana owned MVV and MK Housing Limited has leased out 10.57 acres (51.159 square yard) of land in Kurmannapalem in Vizag. 11 from a family own this land with five different survey numbers and the land was leased on January 2018. As per the agreement MP MVV’s company is constructing 10 storey, six block apartments on the mentioned site and a total of 200 flats were proposed.

However, such a massive project has many loopholes. The owners of the land were allegedly alloted 14,400 square feet and in turn, the 11 were divided into four groups and each group would get 3600 square feet of space. This total 14,400 square feet of space includes common area which would further reduce the space.

The development document showed that one square yard of land in the given location is Rs 18,000 and the total land value is Rs 92.08 crore. With the land value, the project’s total value is Rs 189.50 crore. When it is valued in the open market, the price could go up further because Vizag is a hot place for real estate business. During the agreement, Rs 1.89 crore was paid for stamp duty.

In such a massive project, the land owners were given a share of 0.96 percent while the rest 99.04 percent belonged to MVV & MK Housing Limited. Such agreement has never been heard or seen. Were the landowners threatened by the builders? Or were the landowners accepted this deal in view of an black money exchange? These are some of the questions Eenadu had reportedly published in its article.

There are allegations on Daspalla lands, where the builder is giving 30 percent to landowners and now it turns out to be mere one percent.

Lately Vizag is turning into a place of strange land deals and wonder is this trend happening only in the beach city?