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Naidu demands CBI probe into Emaar land row

Source : IANS
Last Updated: Fri, Aug 13, 2010 14:50 hrs

Telugu Desam Party (TDP) chief N. Chandrababu Naidu has demanded a Central Bureau of Investigation (CBI) probe into the Dubai-based Emaar Properties land row in Hyderabad in which he has alleged the involvement of former chief minister Y.S. Rajasekhara Reddy.

He has alleged involvement of Reddy and his advisor K.V.P. Ramchandra Rao in the Emaar Properties row and sought a thorough probe into all the land deals during their rule.

With a section of the ruling Congress party leaders themselves 'exposing' the scam to target loyalists of Rajasekhara Reddy's son Y.S. Jaganmohan Reddy, the TDP chief Friday joined those demanding a probe.

Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has admitted that Emaar Properties had sold its stake in the 535-acre Boulder Hills to Emaar MGF, an offshoot of the Emaar Group, without informing it.

The APIIC had leased the prime land in the Gacchibowli area estimated to be worth Rs.2,500 crore to Emaar Properties for a township-cum-golf course joint venture in 2003 but APIIC's share was reduced after the Congress came to power in 2004.

'A probe should be conducted into the projects taken up by APIIC during the last five years, its collusion with real estate developers and the extent of losses suffered by the government,' Naidu said.

Congress legislators D.L. Ravindra Reddy and J.C. Diwakar Reddy had Tuesday opened the lid on the scam to target Jagan's close aide Ambati Rambabu, who was chairman of APIIC when it entered into a deal with Emaar.

Under the joint venture, APIIC had a 49 percent stake but this was reduced to 26 percent and that of Emaar raised to 74 percent after the Congress came to power in 2004.

In 2006, Emaar, without the knowledge of APIIC, signed a development agreement with Emaar MGF for the development of a township. The government realized after nearly four years that it had been taken for a ride and recently issued a legal notice to Emaar.




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