- The Kalvakuntla family has inherited 8 acres of land in Khanamet.
- The value of the land is reported to be Rs. 800 crores.
- However, the land was allegedly sold for only Rs. 100 crores.
- Revanth Reddy has raised concerns about the transaction, questioning the fairness and transparency of the deal.
Hyderabad April 11:The allegations made by TPCC President Revanth Reddy regarding the land acquisition policies of the Telangana Chief Minister KCR are serious and have caused a stir in the political circles of the state. Revanth Reddy has accused KCR of allowing his close associates to acquire land at dirt-cheap prices, causing huge losses to the state exchequer.
One of the major allegations made by Revanth Reddy is related to the acquisition of land by Yashotha Group, a real estate company, near Hi-Tech City in 2017. The government land measuring 14,278 yards, which is equivalent to about three acres, was purchased by Yashotha Group for just Rs.37,611 per yard. This amounts to a total of about Rs. 5.4 crores for three acres of land. However, according to the report given to the government by Ranga Reddy district revenue officials on 10-08-2016, the price fixed by the government for this land was Rs.33.70 crores per acre, which is about Rs.101.10 crores for three acres of land.
Revanth Reddy has alleged that the actual price of the land should have been close to Rs. 100 crores, based on the market rates prevailing in the area. He has also alleged that the Yashotha Group was able to acquire the land for such a low price due to its proximity to KCR and KTR, who reportedly facilitated the deal in exchange for kickbacks.
According to Revanth Reddy, KTR’s commission for facilitating such deals is reportedly 20% of the construction allowed on the land. In this case, the construction allowed on the land is 5 lakh square yards per acre, which means that Yashotha Group would be allowed to construct about 15 lakh square yards of space on the three acres of land it acquired for just Rs. 5.4 crores. This would translate into a commission of about Rs. 16.2 crores for KTR.
Revanth Reddy has also alleged that KCR’s policies of land acquisition and allocation are extremely dangerous and could destabilize the country by turning democracy into a gamble. He has accused KCR of looting crores of rupees by allotting land to his followers against the rules and of conspiring to turn elections into a rich man’s game.
These allegations made by Revanth Reddy are serious and require a thorough investigation to uncover the truth. If proven true, they could have serious implications on the political future of KCR and his party.
