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The bookings for the apartments project, overlooking a championship golf course at Gachibowli in Hyderabad, started in 2008 with the promised delivery slated for June 2011.
In April 2010, the government and the developer were caught in a legal tussle. While the government claimed lost revenues and blocked all the registrations, the builder stopped construction and claimed force majeure, serial entrepreneur-turned-investor and association president Raghu Battina told mediapersons here on Thursday.
"The project seems to have slipped into a state of limbo with the owners having been left in the lurch, notwithstanding the fact that the AP High Court and the CBI inquiry have given a largely clean chit to Excelsior saying the apartments were purchased transparently with no wrong doing," he said.
Excelsior predominantly attracted professional and non-resident Indians (NRIs), including 50 from the US, who wanted to come back and make a home here, and saw Excelsior as a "return-to-India, return-to-Hyderabad opportunity". About 70 of them have paid 100 per cent of the apartment cost, Battina claimed.
"We demand that the 14-acre Excelsior that represents only 2.6 per cent of the 535-acre Emaar MGF project, be given to the rightful owners. We also request the new state government to instruct the builder to restart construction with a planned completion date," he said.
