The Telangana State Road Transport Corporation (TSRTC) has officially terminated its lease agreement with Vishnujit Infra Developers Pvt Ltd, allegedly belonging to EX-MLA Jeevan Reddy. The company, which had taken possession of the Jeevan Reddy Mall and Multiplex building located at the RTC site near Armuru Bus Station in Nizamabad district, saw its lease revoked on Thursday evening.
Under the terms of the lease, Vishnujit Infra Developers Pvt Ltd had leased 7059 square yards of land belonging to the RTC under a Built Operate Transfer (BOT) agreement on June 1, 2013, for a period of 33 years. However, in 2017, the company underwent a change in ownership when Rajita Reddy, wife of former MLA Jeevan Reddy, assumed control of Vishnujit Infra Developers Pvt Ltd and rebranded the shopping mall as Jeevan Reddy Mall and Multiplex. Subsequently, stalls within the mall were leased out to third parties.
The termination of the lease comes as a result of alleged failure by the company to pay rent in accordance with the terms of the contract.
