Hyderabad: With the RBI rejecting the waiver of loans and only agreeing to reschedulement, that too in the three districts declared as natural calamity-affected, the Telangana government is in a fix.
While the government had sought reschedulement in 416 mandals, the RBI agreed to just 100 mandals.
Another option being actively considered is to mortgage prime properties belonging to the government in the city and raise the funds.
The government is actively considering taking over 24 acre of prime land belonging to DBR Mills at Lower Tank Bund and raising Rs 1,000 crore from its sale.
The textile mill, located in the heart of the city and close to Tank Bund, had closed down for more than two decades ago, in 1992, and several disputes have cropped up over the ownership of the land
since then. The government hopes to get a good response from bidders, interested in constructing commercial complexes or a star hotel at the site given that it is also very close to Hotel Marriott.
DBR Mills’ land was leased by the Nizam for 99 years in 1920s and has been lying unused for over two decades. Nearly 500 workers who had lost their jobs following its abrupt closure have been demanding that the land be allotted to them as compensation, since the company did not pay them salaries for decades.
In the meantime, some private individuals started putting up fences on the land stating that they owned it while the revenue department claims that it belongs to government.
The government has initiated legal proceedings to take over the land and put it up for auction to mobilise the funds for loan waiver.
