The case relates to alleged irregularities in transfer of land and sale of villas and apartments in the township jointly developed here by APIIC and Dubai-based Emaar Group.
Reddy was arrested by CBI on January 24, 2012 for allegedly collecting Rs 96 crore from the villa plot buyers of Emaar township project.
The court granted him bail on two sureties of Rs 2 lakh each and asked him not to leave Hyderabad without its prior permission.
Suspended IAS officer B P Acharya and all the other accused in the case have already got bail.
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