Published on : Tuesday, February 14, 2017
The Hitech entertainment complex from Ocean Park Multitech Limited has entered into a legal battle with the Telangana State Tourism Department. The government has sent a termination notice to it for non-payment of 50 lakhs in additional development premium (ADP) per month and irregular payment of monthly lease rental.
Ocean Park has filed a petition in Hyderabad High Court against the termination notice. The Tourism department has also served notices of termination to Expotel Hotel, which was not paying the ADP.
Another company that was supposed to build a hotel at Gachibowli was also served termination of agreement notice, since it failed to build the hotel. According to Telangana Tourism Department secretary B Venkatesham, “Ocean Park Multitech is not paying instalments of ADP and the monthly rental on time though they constructed Snow World and other attractions as per the deal. We served them termination notices.
Their contention is that there should be parking space, nearby places are not developed, and they are not getting the crowds as expected. This argument doesn’t gel with the deal based on essentials. There is always risk in the business.
The lease holders have to fulfill the conditions of the agreement.” Ocean Park has sought to extend the time granted for payment of Rs 19 lakh by three months and the payment of the balance Rs. 50 lakh by six months.
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