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R. Balaji

Chennai, May 22 The Bangalore-based developer RMZ Corp has exited from the Rs 328-crore deal to buy HTL’s land in Chennai following the Tamil Nadu Government’s decision to buy back the property.

Meanwhile, HTL has obtained a stay in the Madras High Court on a Government order that seeks to implement its decision to buy back the land from HTL, according to sources in the know.

Following the State Government’s move, RMZ has informed HTL that is no longer interested in the deal. HTL had sold through an e-auction 11.02 acres for Rs 328 crore to RMZ in March 2007. But the Tamil Nadu Government decided in March 2008 that it would buy back the land it had allotted to HTL in 1973 — then Hindustan Teleprinters Ltd, a Central Government enterprise.

HTL is now a part of Himachal Futuristic Communications Ltd, which acquired a 76 per cent stake in 2001. The State Government has also passed an order directing the Chennai Collector to assess the current market value.

More Stories on : Real Estate & Construction | Tamil Nadu

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