BEML Chairman and Managing Director V.R.S. Natarajan, too, was allotted plots by the BEML Employees Cooperative Society, in violation of norms, at Thubarahalli near the HAL Airport here.
The plots (number 795 and 796), which were combined to form a contiguous corner site measuring nearly 6,000 sq ft, were sold to Mr. Natarajan on January 22, 2005, for Rs. 8.58 lakh, or Rs. 152 per sq ft. Today, the average market rate hovers around Rs. 8,000 per sq ft., and a corner site is worth much more.
The violation of norms in his case arises from the fact that he was allotted two sites, whereas the by-laws allow for only one plot per person. Secondly, corner plots are supposed to be auctioned in the open market by a housing cooperative. But an exception was made for Mr. Natarajan.
