BPU issues Attachment Order for Jubilee Hills Land worth Rs. 150 crore in Hyderabad

The Benami Prohibition Unit (BPU) in Hyderabad has issued a provisional attachment order for a property valued at approximately Rs. 150 crore in Jubilee Hills. The land, situated next to the Jubilee Hills Housing Society, was found to be held by benamidar Mahadev Rathi, while businessman Shiv Shankar Taparia was identified as the actual owner. 

The property was registered under Rathi’s name in 2017 through two sale deeds, each worth Rs. 4 crore, bringing the total transaction value to Rs. 8 crore.

However, the BPU estimates its current market value at Rs. 150 crore. 

Rathi, originally from Odisha but registered in Hyderabad, is employed in a textile firm and does not have a known income source sufficient to justify such a high-value purchase. 

Following an investigation, the BPU traced the real ownership to Taparia. The provisional attachment order was issued under Section 24(3) of the Prohibition of Benami Property Transactions Act, 1988, which permits authorities to seize properties if there is a risk of them being sold or transferred. 

Published as a public notice on January 7, 2025, the order states that the property will remain attached for four months, preventing any sale, transfer, or disposal without prior approval. 

Additionally, the BPU has directed Telangana’s stamps and registration department to block any ownership transfers. The attached property covers 4,000 square yards in survey Nos. 105 and 106 of Jubilee Hills, Shaikpet mandal, as specified in the order.

In a letter to the Golconda sub-registrar office, the Income Tax Department’s BPU confirmed that these properties have been classified as benami and will remain attached until adjudication under the PBPT Act. The letter also requested their inclusion in the prohibited list to prevent any sale, transfer, or encumbrance during the ongoing proceedings.