State High Court delivered a massive shock to Lanco Hills – billionaire politician Lagadapati Rajgopal’s mega real estate venture. A division bench consisting of Justices V.V.S. Rao and R. Kantha Rao squashed a petition by Lanco Hills and confirmed that the land on which Lanco Hills is being built belongs to Waqf Board – a muslim religious institution.
Lanco Hills has been mired in controversies ever since it was started 7 years back. Telangana activists have long been saying that this land belongs to Hussain Shah Vali Dargah under the Waqf Board. About 100 acres belonging to this darga was sold to Lagadapati Rajgopal’s Lanco Hills by the then chief minister YS Rajasekhar Reddy.
The company initially said that they would build an IT Park in this land, but soon converted this into a premium residential project. Earlier, Telangana Rashtra Samithi leader Rahaman had filed a case in state high court saying that this land belongs to Waqf Board.
Keeping these controversies in mind, several buyers who had booked flats in Lanco Hills have already taken back their advance amounts. It is reported that the project is already in severe losses. With several Lanco group companies involved in scams, the company’s shares are already nose-diving at the stock market. The latest case may just be the final nail in the Lanco group’s coffin.
In fact it is to protect such ill-gotten properties that Seemandhra leaders like Lagadapati Rajgopal are vehemently opposing the Telangana state formation.
Today’s judgement is a big victory for Telangana movement.
Read more about the anti-Telangana movement leader Lagadapati Rajgopal here: