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Today is the 72nd visit of Telangana CM Revanth Reddy to Delhi! As per sources, one of the top priorities is to escalate the SBI issue. What is the SBI issue? - In 2010, the then Congress government allotted land to State Bank of India (SBI) for Rs 13.33 crore to construct its corporate headquarters. - The 5.09-acre plot located at Survey No. 83/1, Raidurg was considered far off from the city. Now the city moved and the property is prime real estate now. - The Telangana Government TGIIC auctioned these five acres of land in Raidurg on May 28 bringing Rs.237 crore per acre. - SBI then filed two writ petitions for the government selling off their land. The High Court of Telangana pronounced a three week stay on the land and in fact came down heavily on the government for behaving like a “real estate agency”. - The SBI says it couldn’t construct its headquarters because - first the state bifurcation, then the SBI & SBH merger, and after that Covid stopped them from making any permanent plans. There is a branch of SBI at this location. - But without information, notice or even consulting the SBI, Revanth Reddy’s government auctioned off the land to Gowra Ventures. - Anyway! While the matter is still pending in the High Court, the government is trying to arm twist a public sector bank- The SBI! - Remember how CM Revanth Reddy threatened L&T Metro MD on national TV? Eventually L&T moved out of the Hyderabad Metro project. The government took their lands (may be with an intention to auction them). Metro Second phase is now in the air. Metro line is proposed to an empty Future City!! Basically, a massive ‘cluster-F’ is going on there. - Similar tactics are being used with the SBI. Telangana government started withdrawing their accounts from SBI. They are threatening to move the salary accounts too from SBI. How will this bloated-fragile-ego-trip have an impact on the banking sector in Telangana is a matter of concern, any sane person will think about. - BUT the Telangana CM doesn’t want to backdown and accept the mistake. - Despite their lunch hour gaffes and the collective hate people have for SBI, in this one instance SBI is in the right. Even if you are selling a leased property, you have to inform the tenants so that they make alternative arrangements. - Selling off a land to an other party, that was already sold to SBI feels more like a khabja & not a functional government. We see such real estate uncles across Hyderabad. This time that real estate khabja uncle is the government 🙏🏽 Will Revanth Reddy’s 72nd trip bring anything for Telangana public? Or will it help his ego…we have to see. Video: Revanth Reddy Threatening L&T in India Today Conclave.

Revathi

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