Prajay Engineers Syndicate Ltd is pinning its hopes on a one-time settlement of its piled up dues and resolution of some of its sticky issues for a turnaround.

The Hyderabad-based real estate company, which posted a loss of ₹21 crore for FY17, and has piled up dues for its ingoing projects, is now faced with tough times due to delays in project execution and a recent stay on registrations of one of its flagship projects.

Addressing the 23rd AGM of the company and later interacting with the media, D Vijay Sen Reddy, Chairman and Managing Director of Prajay, said: “It will take three-four years for the company to come out of the current issues and move ahead.”

On of its projects, Prajay Princeton Towers, has been under banks’ hold due to non repayment of loan of ₹220 crore including interest. The unsold inventory is with the banks and operations have been stalled. “We are hoping for a one-time settlement to resolve the pending issues relating to dues,” said Reddy.

He added that Prajay Megapolis is coming up in Hyderabad, where the first phase of 1,113 apartments is nearing completion. However, due to the recent land scam, the government has initiated a probe, and the registration department has stopped all registrations. This has meant a delay in payment of ₹90 crore in loans to the banks.