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Hyderabad News.Tellapur News. Aliens signs Rs 580-cr pact for reviving project

Hyderabad News. TOI 11.03.2017

(Excl Ventures News.)In an attempt to expedite the completion of its much-delayed residential project, Hyderabad''s Aliens Group has now finalised a `580 crore contract with New Consolidated Construction Co Ltd (NCCCL), a Mumbai-based civil construction firm. Work on the ground, officials claim, will resume soon. The group''s ambitious project in Tellapur, Aliens Space Station­I, has been stuck in the pipeline for over a decade. While buyers have given up hope, the management says it is certain of completing the venture at the earliest. The recent deal with NCCL comes only months after Aliens received a `200 crore private equity (PE) fund from Edelweiss, a leading financial services conglomerate. “We are yet to receive ` 300 crore from existing buyers and make roughly `550 crore from the sale of new flats. That makes it a total of `850 crore,“ said Hari Challa, managing director, Aliens Group.
He assured that the construction of the various towers in the project, 13 in total, will be completed over the next one to three years. “When the PE fund was received, company officials promised that construction work would start in January 2017.Now it''s moved to March 2017.What is the guarantee that they''ll oblige this time,“ questioned a customer who was recently mailed an amended sa le of agreement by the Aliens management. This, officials said, has been done keeping in line with its new association with Edelweiss. Certain clauses in the agreement have raised many eyebrows. Not only does the new deed call for the “purchaser to agree that hesheit shall not make any claimcompensationdamages whatsoever for the past delay caused in handing over the apartment...“ but also makes it mandatory for them to confirm they will take no action against the developer including “filing any suit, complaint, or any other legal proceedings before any courts of law authorities“ for delay in delivery of a property, either now or in the future.
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