Hyderabad, India (PressExposure) April 19, 2008 -- The state government's decision to allot 250 acres to the Georgia Institute of Technology in Hydearbad outskirts has stirred up controversy. While GIT had only proposed to set up an institute of academic excellence, the state government felt that it should also set up a multi-services Special Economic Zone. Interestingly, GIT does not have an SEZ attached to it even in its headquarters in Atlanta of the United States.
Though the government had initially decided to give the foreign institute 20 acres to start its unit, the extent of land has gone up to 250 acres now because of the SEZ proposal. The revenue department issued orders allotting land to GIT at Mucherla village in neighbouring Ranga Reddy district three days ago. "It is surprising news to us also," said a senior official of the higher education department. "What does GIT have to do with SEZs?" The official added that the project would become a commercial venture once the SEZ was started.
The empowered committee headed by chief commissioner of land administration had earlier recommended allotment of land to GIT at Rs 18 lakh per acre, which is the prevailing market price. "However, the cabinet decided to give 250 acres and that too at Rs 1.5 lakh per acre, overruling EC, which is highest body vis-Ã -vis land allotment," said a senior revenue official.
Sources told this correspondent that a senior official in the Chief Minister's Office was behind this largesse to GIT. This official also sidelined representatives of AP Invest, the higher education department and AP State Council for Higher Education who were instrumental in bringing GIT to the state for an academic venture. The government, however, defended its decision saying that the SEZ would include a world class academic campus and a technology park that would house research and development facilities from leading industry partners.
Andhra Pradesh has the highest number of SEZs approved by the central government for the IT sector...
For Latest Real Estate News: http://www.maaproperties.com/Pages/ModuleContent.aspx?Module=News
At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.
We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)
For More Information about Real Estate Hyderabad, India visit: http://www.maaproperties.com/