The Hyderabad Metropolitan Development Authority (HMDA) has drawn up an ambitious plan of developing a Hyderabad Habitat Centre at an estimated cost of Rs. 134 crore, in Khanamet. It will be based on the India Habitat Centre at New Delhi and the project’s financials have been worked out in such a manner that it shall not cause any fiscal burden on the government at present or in the future.
IL & FS Infrastructure Development Corporation has been engaged to prepare a detailed project report and also provide project management services, according to a Government Order that was interestingly issued by the erstwhile Government of Andhra Pradesh last October. Classified as ‘Core facilities, Artiplex, Office space and Member facilities’, HMDA proposes to form a society exclusively to develop and manage the project facilities.
Initially, the HMDA will contribute its own land on lease with a seed capital of about Rs. 30 crore, while the remaining Rs. 100 crore will be sourced through financial contribution from public sector units, multi-national corporations and reputed non-Government organisations engaged in the promotion of art, culture, habitat and heritage.
ADVERTISEMENT
According to the GO, of the proposed 3 lakh square feet, 1 lakh square feet will be used by HMDA for its office purpose and the remaining space allotted to institutional members on a 33 year-lease (extendable by another 33 years on the same terms), together with a 5 to 10 year membership towards their financial contribution to the project and a proportionate representation in the project’s Governing Council.
A Hyderabad Habitat Centre Society will be formed as a special purpose vehicle primarily for development, operations and maintenance of the proposed facility.
ADVERTISEMENT