The Hyderabad Metropolitan Development Authority (HMDA) has clarified that there was no truth in the claims of TPCC president A. Revanth Reddy that the IRB Infra needs to pay 10% of the lease amount of the Outer Ring Road (ORR) Project within 30 days of the agreement.
In a statement here, the HMDA said that there was no norm in the agreement that the company has to pay 10% of the lease amount. A report published in these columns based on the press conference of Mr. Revanth Reddy was misleading and factually incorrect, the statement said. Mr. Revanth Reddy had claimed that the company failed to pay 10% of the leased amount within 30 days and the agreement should be cancelled for violation of norms.
