The Telangana Government has finally fixed the price for sale of 3,719 finished and semi-finished flats built by Telangana Rajiv Swagruha Corporation Ltd. (TRSCL) at Bandlaguda and Pocharam projects for the government employees. The allotment of flats will be made within two months on the first-come-first-serve basis. A high-power committee headed by the State Chief Secretary fixed the price at Rs. 1,900 per square foot (sft) for finished flats and Rs. 1,700 per sft for semi-finished flats at Bandlaguda and Rs. 1,700 per sft and Rs. 1,500 per sft, respectively, for flats at Pocharam. The Government will offer 1,285 finished and 2,434 semi-finished flats as part of the sale at the two locations.
The Government proposes to give first preference to the State Government employees in the sale of flats as recommended by the Chief Secretary-led committee. Second preference would be given to the employees of State/Central Public Sector Undertakings (PSUs), Boards, Universities and Societies.
Bank linkages
According to the Housing Department officials, the amount realised from the sale of flats in the two projects would be utilised to clear the liabilities of the TRSCL. The Corporation has been told to discuss with bankers to provide housing loans to the employees for purchase of the flats.
The loan amount sanctioned by banks to the employees for purchasing of flats in the two projects would be paid to the TRSCL and monthly instalments deducted from their salaries.
The ambitious housing project Rajiv Swagruha was launched in July 2007 by setting up Andhra Prdeash RSCL to take up 32 housing projects for constructing 4 crore sft (46,565 housing units) in Hyderabad and other municipalities with an estimated investment of Rs. 8,504 crore.
Corporation in red
However, the projects including the ones at Bandlaguda and Pocharam ran into problems owing to delay in their completion due to various reasons and the Corporation went into the red due to the resultant delay in recovering the investment through the sale of housing units.
“We hope to realise about Rs. 500 crore through the sale of 3,719 housing flats available in different plinth areas (ranging from 494 sft to 1,617 sft) and clear our liabilities in the same measure”, officials of the TRSCL stated.
The high power committee has also suggested to the TRSCL to explore the possibility of auctioning the leftover land near the two projects for clearing its liabilities further.
