Cyber Enclave Layout - Under Litigation? (Hyderabad)

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Some plot owners here have a Joint Development agreement with IVRCL for Elena Park.

But not all owners have signed the JDA. hence no activity going on here.
From Annual Reports of IVRCL: www.ivrcl.com/pdf/financials/Annual%20Reports/IVRCL_AH_...

During the year 2006, Company had entered into Joint Development Agreements (JDAs) with various
individual plot owners to jointly develop a property situated at “Cyber Enclave”, Hi-tech City,
Hyderabad. As per JDAs, the Company was required to amalgamate all the plots pertaining to “Cyber
Enclave” and complete the development per specified plan within a period of thirty months from the
date of respective JDAs. As per terms and conditions of the agreement, all the plot owners have an
obligation to enter into JDA to facilitate amalgamation of plots without which development cannot
be completed. In case of delay in completion of the project by the Company, it would indemnify the
loss occurring to the individual land owners as per agreed terms for the delayed period.

As at March 31, 2010, certain plot owners of Cyber Enclave have still not entered into the JDA with
the Company. Accordingly, development of the property could not be completed by the Company
and necessary permission and clearances from various authorities are pending.
The Company, based on legal opinion, believes that plot owners will get the right to claim
compensation for delayed period only when delay is caused by the Company. Since the Company
has performed all the obligations on its part, payment of compensation to land owners for delay in the
project is not probable. The liability, if any, that may arise on account of delay in development of the
above property is not presently ascertainable.
Based on internal assessment and/ or legal opinion, the management is confident that for the above
mentioned contingent liabilities, no provision is required to be made as on March 31, 2010.