Hyderabad: The GHMC has lost control of certain roads, now it will lose the revenues they earned as advertisements and rents. The beneficiary is the Hyderabad Road Development Corporation (HRDC).
Banks are willing to lend to the corporation but ask how it will repay the loan as it has no revenues. The government has allotted Rs 500 crore for the corporation in the Budget and extended guarantee for Rs 1500 crore to borrow from commercial banks and financial institutions to implement the road development project.
In face of the questions posed by banks, the government has decided to hand over all rights like advertisements, parking, access and lease from any structure or cess on property to create a revenue stream for the corporation. A senior officer in the municipal administration department said vacant land in the GHMC limits also will be transferred to the corporation. It can give these land parcels on lease or construct commercial buildings to earn revenue.
The corporation was set up with the chief secretary as chairman to enhance quality of city roads. The government has decided to hand over 240 km of roads in the GHMC limits to the corporation in the first phase.
In the past, the roads and buildings department had handed over certain roads in the city to the GHMC. After certain stretches of National Highways within the city limits were denotified....