SC clears Lanco Hyderabad township project

Lanco Infratech has got an order from the Supreme Court to resume development on a 50-billion-rupee township project in Hyderabad, the company said. The engineering and construction company had invested 25 billion rupees on the 100-acre Lanco Hills township, when a dispute with a religious group over ownership of the land halted work in 2011. Lanco, which had bought the land from the government in 2005, can now resume development and start selling finished homes, the company said in a statement late on Tuesday. Six residential towers are nearly complete and another six towers are under construction, it said. The Lanco had obtained around 100 acres of land through bidding by the AP government at Rs 4.27 crore per acre for its Rs 5,000 crore township project. The state government had also allotted lands to Microsoft, Infosys, Polaris, Indian School of Business, Wipro, Emaar and others at Manikonda village. After two years of these allotments several individuals, political entities challenged the action of the government in allotting the Wakf lands to various corporate companies. While granting interim stay on the High Court's as well as the AP Wakf Tribunal's orders, the apex court allowed Lanco to proceed with its construction activities and posted the case to the second week of August. source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=20265&cat_id=1