“Mother of all Scams” or the Miyapur land scam seems to have impacted tech giants Google and Microsoft. The firms are uncertain of the value of their real estate holdings in Hyderabad. As a part of cracking whip on land sharks after the 15,000 crore rupees scam was unearthed, the state government initiated a judicial enquiry probing the legality of public and private land ownership.
As per the report in Economic times, investors who are hit by messy land titles include Google, Microsoft, Tishman Speyer, Shapoorji Pallonji, DLF, Lanco, Puravankara, Sattva Salarpuria and My Home group.
Goldstone Prasad the primary accused in the scam was attorney of Shapoorji Pallonji group’s Cyrus Investments that bought thousands of acres of properties from the Hyderabad Nizams in 1967. Prasad allegedly facilitated the group to get few ownership clearances. However, just before formation of Telangana in April2014, Cyrus Investments contending deceitful selling of their land assets, invalidated the power of attorney from Prasad.
ET’s report quotes the same minister saying that “Land titles in Hyderabad have been an issue for a long time for a variety of reasons and that the government is bringing in certain reforms in a methodical fashion to spruce up the land records.”
On the contrary, reacting to this report, Minister K T Rama Rao tweeted that “Paid article written with a clear vested interest & malice. Reflective of lowest standards of Journalism. Try as you may, you won’t succeed”.
