The world class Maytas Hill County SEZ, a flagship venture of Maytas Properties and the only venture of the company still afloat is now in trouble. US-based Wells Fargo, the first and only firm to have tied up with the SEZ coming up in Bachupally and had even located its office there, pulled down its signboard the day after Raju’s confession and is now planning to pull out of the venture completely, according to sources.
Sources said, the company has been on tenterhooks ever since the Satyam-Maytas merger fiasco unfolded and has been watching the developments closely ever since. Officials say they will “definitely pull out of the SEZ if the situation worsens’’. The banking firm has another office in Raheja Mindspace, Madhapur.
“The plan to set up the office there was made not just because of the SEZ but also the residential township. But now the main concern is the ability of Maytas Properties to raise funds and complete the project and looking at the situation now things are pretty bad,’’ says an official, mentioning that it will be easy for Wells Fargo, which is currently housed in an incubation centre (a temporary structure), to leave Maytas Hill County as “the impact on withdrawing will be low both in terms of money and time as the construction of the permanent structure is still in the initial stages,’’ he says.
It is also learnt that there have been around 50 cancellations in Maytas Hill County ever since Satyam-Maytas merger fiasco. These customers who had only “booked’’ apartments and villas in the plush residential blocks have now pulled out. Other customers of the Hill County are now giving serious thought about selling their property, only that there wouldn’t be any takers for now.
“During the last two weeks I have been constantly receiving calls from my previous customers who are extremely worried and are asking for my opinion on what they should do with their property and whether they should let it go,’’ confesses an ex-employee of Maytas Properties adding that even if Maytas is able to sustain the township it will be difficult to convince the customers otherwise.
A group of about 100 customers of the township have now formed a clique and are planning to approach Maytas to sort out all their apprehensions regarding the viability of the project. “We are scared as all of us have invested lot of money and despite repeated assurances from the Maytas officials we are still very worried. The management has offered to meet all of us so we will probably have a discussion with them in the next few days,’’ says a member of the group who had bought a villa just seven months ago.
Even though the construction of the apartments and villas, which now cost anything between Rs 1.5 to Rs 4 crores, are now almost complete, investors are concerned about the possibility of Maytas being bought over by another firm. “There is a possibility that some other company might takeover Maytas as there seems to be no source of funds anymore for the Satyam-backed company. I have spent Rs 1.5 crores on my villa and now the only option is to shift into the place as very few people will be willing to buy it now even at the same price,’’ says another customer.
Maytas officials however denied that anyone has backed out of the township or the SEZ in recent times.
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