Whether you’re a seasoned real estate professional or Just learning the ropes.........

NIREM can equip you with the skills to meet the challenges & opportunities of

Today’s ever-changing real estate market.

Home------About NIREM------NIREM Website

Thursday, August 18, 2011

Greens cry foul over ICICI-led realty venture


HYDERABAD: The ICICI Venture-led mega realty project slated to kick start in the city later this year, after a five-year-long gap, could well run into trouble again. Reason? City activists have shot a letter to the ministry of environment and forests (MoEF) stating that the project is in clear violation of norms laid down by the Union ministry.

The letter sent a few weeks ago indicates that the proposed project, abutting the KBR National Park, falls under the `eco sensitive zone' of the national park, which is a `prohibited' area as per MoEF guidelines issued in February 2011.

It may be recalled that a consortium comprising ICICI Venture, Maytas and Nagarjuna Constructions had bought this piece of land, measuring 5.7 acres, way back in 2006 with the proposal to construct Hyderabad's biggest hotel-cum-residential-cum-commercial venture. The project, however, failed to take off due to various reasons. After being kept on hold for over five years, sources in the knowhow revealed that the owners of the multi-crore property were finally looking at resuming work this year.

"But if this project comes up it will adversely impact the flora and fauna of KBR Park, which plays a critical role in maintaining the ecological balance of Hyderabad's urban area," states Capt J Rama Rao, environmentalist, in his letter to the MoEF. The letter further highlighted how the project is located "well within the eco-sensitive zone of the National Park. (within 10 kms from the core park area) that acts as `shock absorber' and `transition zone' for the protected area".

Interestingly, Rama Rao had raised his voice against the project when it was first launched in 2006. In his letter to the MoEF sent in early 2007 he had pointed out how the developers had started work on it (heavy excavation activity) without getting an environmental clearance from the central authorities.

"The project proposal was received by MoEF only in May 2007 whereas digging work had already begun at the site soon after the land acquisition in 2006," Rama Rao said referring to his pervious letter that was sent with supporting photographs. In fact, city environmentalists say that Rama Rao's letter played a vital role in stalling the project at that time even as those part of the venture deny MoEF's intervention.

Apart from tampering with environmental norms, the project might also flout heritage regulations, Rao's recent letter to MoEF states. "It falls within the heritage precinct no. 13, as notified by the Hyderabad Metropolitan Development Authority (HMDA) in 2000. So, no construction work (right from the checkpost to lake Taj Banjara, via road no 12 and 2 of Jubilee Hills) can take place in this area as per the norms," the environmentalist said. Elaborating further on the HMDA ruling, he said the skyline of the precinct "shall be maintained as may be existing in the surrounding area, so as not to diminish or destroy the value and beauty of the said precinct".