With a budget nomination of Rs 10 lakh, the Hyderabad Metropolitan Development Authority (HMDA) is now depending on the town planning department to generate revenues for it. For the unversed, many pockets of land will be auctioned soon, and it is hopeful of netting Rs 2000 crore in the next financial year. With this, HMDA will surpass the income of Greater Hyderabad Municipal Corporation (GHMC).
The municipal authority will be taking over the Rajiv Swagruha Corporation Limited from the TS Housing Board and sell flats for additional revenue. Initially, it will auction 28 out of the 47 blocks in the Rajiv Swagruha complex at Bandlaguda to raise around Rs 1000 crore.
It will e-auction 324 developed plots comprising 223 plots at Thorrur layout in Hayathnagar (the hub of the east city) and 101 plots at Bahadurpally layout in Medchel (the hub of north city). The plots are likely to go under hammer between March 14 and 17.
The planning body will take up the e-auctioning of plots through MSTC Limited. HMDA is hopeful of raising about Rs 400 crore to Rs 500 crore from the e-auction. The HMDA will have the highest bidder to pay an initial deposit of 25 percent of the site value within 7 days. The bidder will then have to pay the remaining amount in the next 90 days.
However, the highest bidder can opt for an installment facility with 10 percent per annual interest up to 180 days, excluding the period of the due date. Along with land auctions, HMDA is planning to incur Rs 800 crores by way of building and layout permissions.
Ever since the introduction of transferable development rights (TDR), which enables the transfer of development potential partly or fully from one plot to another, the income of the planning wing has come down to Rs 600 from Rs 1000 crore. Now, the HMDA has set a target to surpass the annual income of GHMC in the next financial year.