₹2,500-cr. term loan only for ongoing projects


This despite the fact that GHMC has listed all components in the loan document

Several components of the Strategic Road Development Plan (SRDP), for which tenders have been finalised, may have to wait more for grounding, even after sanction of ₹2,500-crore term loan.

This is despite the fact that the corporation has listed all these components in the loan document.

Officials are calculating that the bounty of term loan sanctioned recently by the State Bank of India, will merely suffice completion of ongoing projects.

“We are focussing on the projects in progress as of now. The term loan will help us sail through,” says a senior official of the GHMC.

GHMC has listed a total of 24 components as part of the SRDP in its loan document, which require a total of ₹6,000 crore loan for completion. Of this, up to ₹1,500 crore is required for property acquisition alone. However, only ₹2,500 crore has been sanctioned for all the project components put together, officials say.

Of this, about ₹250 crore to ₹350 crore is scheduled to be paid for property acquisition alone, before March-end. Already cheques for ₹140 crore have been kept ready for payment with regard to the ongoing projects, officials said.

There are several works in various stages of progress, which include the flyovers at L.B.Nagar junction, Biodiversity junction, Road No. 45, Shaikpet, Kothaguda, Bahadurpura and Owaisi Hospital junction, Durgam Cheruvu cable-stayed bridge, and the Road-Under-Bridges (RUBs) at Uppuguda, and Tukaram Gate. Besides, land acquisition is GHMC’s responsibility for R&B projects such as the flyovers at Amberpet, and Uppal.

Agencies have been finalised for a few more projects such as the flyovers planned between Rethibowli and Nanal Nagar, between Shilpa Layout and Gachibowli Junction, and between Aramghar and Zoo Park. However, so far, agreements have not been entered into with contracting agencies, as fund availability is a limiting factor.

Besides, a few projects like the steel bridges proposed near Nalgonda Crossroads and VST ran into rough weather, due to Vigilance & Enforcement notices about excess quotation.

GHMC officials, in their defence, say that 5% excess is permitted as per the government orders. As few contractors are coming forth for carrying out urban civic projects, excess between 2% and 5% was recommended for various components of SRDP, and was also cleared by government before it was objected to by the Vigilance wing.

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Printable version | Jan 23, 2020 2:16:49 AM | https://www.thehindu.com/news/cities/Hyderabad/2500-cr-term-loan-only-for-ongoing-projects/article30516412.ece

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