IL&FS Infrastructure Leasing and Financial Services Limited, which took over the reins of crisis-ridden Maytas Properties Limited in 2011, will be investing Rs 150 crore in developing a residential apartment project in the vicinity of Maytas Hill County’ located on the outskirts of Hyderabad.
“As part of our business plan, we will be coming up with a 400-unit apartment project on 12-and-a-half acre near Hill County. Construction work on the project is expected to commence by the end of this calendar, and it would ready for delivery in two years from then,” said PV Rao, chief operating officer of IL&FS Infrastructure.
Speaking to Business Standard at the ninth edition of India Property Show here on Sunday, Rao said the company was also contemplating developing a residential venture on over 40 acre land parcel as part of Phase-II of Hill County. The project is still in the planning stage.
“This is part of the mandate given by the Company Law Board (CLB) to IL&FS that states that the company must first complete Phase-I of the Hill County project in all respects and then deliver the balance inventory of residential units,” Rao said.
It may be recalled that IL&FS had been allowed by the CLB in 2011 to hold 80 per cent equity in Maytas Properties, a company promoted by the family of disgraced Satyam Computer Services Limited founder B Ramalinga Raju.
The company, which has 600 acre of land bank in and around Hyderabad and Visakhapatnam, is in the process of handing over four apartment towers (comprising 300 units) in the 87-acre Hill County project by the end of this month.
IL&FS had already sold 275 of the 326 villas in the project, of which 200 units have already been delivered. Also, 620 of the total 840 apartment units in the project have been sold out.
“We had done a study on the structural stability of the project as it was abandoned for quite sometime, and had re-commissioned the construction in April 2011. The remaining seven apartment towers are progressing as per schedule,” Rao said.
Stating that the company had taken a conscious decision not to make any price corrections and had been delivering the units according to their earlier commitment, Rao said they were awaiting a final clearance from the Registrar of Companies (RoC) to change the name of the company (from Maytas Properties), which is expected anytime now.