Maytas Properties mulls escrow account

Maytas Properties would consider creating an escrow account to ensure that the amount paid by its customers was not used for other purposes, according to customers who have invested in company projects. They interacted with former ICAI president Ved Jain, who was appointed by the government on the company board recently.

The customers poured out their woes and wanted the company to execute the Maytas Hill County project at the earliest. The delay was causing inconvenience to them due to soaring interest rates, the customers told Jain, adding that a lot of people had paid the amount in full.

The customers said Maytas Properties’ vice-chairman B Rama Raju and Residential Township Vertical  (Andhra Pradesh) head Sumith Reddy assured that the project would make a headway soon and be ready by August. The company said that it was not backing off from the proposed SEZ on the Maytas Hill County project and denied media reports that it was approaching the government for its denotification.

They said Jain had proposed a customer grievance redressal mechanism.

Incidentally, there are some employees of Satyam Computer Services Limited too who have paid advances to Maytas Properties or have booked flats.