Hyderabad: Traffic snarls and unscientific ‘U’ turns are here to stay in the city for at least two more years and at about 48 junctions.
The fund-crunched GHMC which relied on municipal bonds has got a major setback.
The corporation, in order to expedite the construction of skyways and elevated corridors under Strategic Road Development Plan, had decided to raise Rs 200 crore. However, it has managed to raise only half the amount, which would be sufficient to partly clear the pending land acquisition dues but not enough to pay the agencies that have executed the project.
The corporation immediately requires at least another Rs 200 crore to put the project back on track. The civic body staff have now stated that soon all ongoing works spread across the city may come to a grinding halt and all project deadlines would be further extended.
A total of Rs 1,000 crore was targeted to be generated through the issue of bonds, based on the corporation’s creditworthiness. The civic body had already raised Rs 395 cr. during its two terms.
