Hyderabad: The Supreme Court on Tuesday announced its verdict in Telangana’s favour in connection with 540 acres of endowment land close to Kukatpally Junction.
The lands were initially donated to Udasin Mutt in 1904 and its market value located at Hussaini Alam is almost rupees 15,000 crores, but it had 540.30 acres of land in Kukatpally ‘Y’ Junction.
During 1964 and 1978 the land was leased to ID Ltd (India Detonator limited) owned by Hinduja. Gulf Oil Corporation was the name under which IDL later changed. The corporation filed a lawsuit against the Endowments Department over the leased property when it was terminated in 2011. However, the Supreme Court ultimately rejected the company’s appeal in its ruling.
According to a media report, the Endowments Department leased the land to the company for 99 years over four periods, for the first five years, at a rate of Rs. 5,148 per acre per year; for the following ten years, at a rate of Rs. 7,799 per acre per year; for the following ten years, at a rate of Rs. 10,444 per acre per year; for the following 25 years, at a rate of Rs. 13,092 per acre per year; and for the final 49 years.
The lease was granted for a buffer zone for the industry. However, the industry began real estate development on the 538 acres of Mutt’s land in total, in addition to its own 300 acres of land.
Due to a breach of the lease agreement, the lease was terminated in 2011 by the Endowment Tribunal. In 2011, the business then submitted a writ petition to the High Court.
The firm filed a Special Leave Petition (SLP) in the Supreme Court the same year the High Court dismissed the writ petition. On May 7, 2013, the Supreme Court upheld the status quo, and on Tuesday, the company’s appeal was eventually denied.