JOIN USFormer minister Basavaraj Rayareddy on Thursday said that the State government should take steps to recover allotted land to industries which had failed to start their projects.
Raising the issue in the Legislative Assembly, Rayareddy said the government had allotted thousands of acres of land to industries during the two Global Investors’ Meets.
However, a majority of the projects had not taken off but the investors were in possession of the allotted land. For instance, Brahmani Industries which got 5,000 acres of land for a steel plant in Hosapete, has sold the land to another company. The government had sold the land at Rs five lakh per acre and Brahmani sold it at Rs 25 lakh per acre.
Many investors had turned the allotted land into a ‘real estate business,’ he said and wondered why the government had remained a silent spectator.
In all, 1.21 lakh acres of land was in various stages of acquisition and 44,000 acres had been handed over to industries since 2010, he said.