I bought an apartment in the Maytas Hill County development in Hyderabad. The features of the project included a self-contained gated community comprised of professionals, a whole new 'walk to work' lifestyle and an IT related SEZ, schools, hospitals, clubhouse, community centre, etc. I invested in this development due to Satyam name and I ended investing my lifetime savings.
The MHC management diverted most of the funds into other real-estate projects. They claim that they don’t have any money. There has been no worthwhile progress since the Satyam scam broke in January 2009. The promoters have virtually closed down operations, sacked most of their employees, disposed of assets and are lying low. FYI, the project was supposed to be completed in Sep 2008.
Moreover, instead of showing some remorse and earnestly restarting construction, the Maytas management is playing hard to get and keep giving vague and evasive responses to the queries raised by home owners. This was supposed to be a one-of-a-kind of project. Now, I guess it is!
I can’t explain how painful it is to even imagine the prospect of your lifetime savings evaporating in front of your eyes. There are just over thousand other investors just like me. Close to 400 owners have formed an owner’s association and are trying to confront the Maytas management. The association has been doing a tremendous job and I hope the association can successfully apply just enough pressure on the Maytas management to finish the project. I’m still optimistic as I have always been.
Cheers!
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