GHMC expecting Rs.3,500 Cr for developmental projects

Hyderabad, March 11: GHMC Commissioner B Janardhan Reddy conducted a pre-bid meeting with nine leading financial agencies and banking officials approved by the central Government. The main objective was to complete the projects and generate the requisite funds.The Greater Hyderabad Municipal Corporation (GHMC) is planning to raise Rs. 3,500 crore for funding various developmental projects in the city.The funds are proposed to be raised in the form of bonds up to Rs. 1,000 crore and rupee term loan of at least Rs. 2,500 crore.The proposed work includes strategic road development plan, double-bedroom housing plan, and other major infrastructure development work for which the corporation would require funds.The meeting was aimed at working out modalities to raise funds for overall development of the city as a world-class one. Preference would be given to those who quote low charges for raising the requisite funds, the Commissioner said, outlining the efforts made by the GHMC to improve its revenue internally without enhancing property tax and ensuring that the loopholes in the tax structure are plugged.GHMC Additional Commissioner (finance) Jayaraj Kennedy and senior officials from SBI Capital Market Ltd., Yes Bank, ICICI, Axis Bank, AK Capital Service, and ICRA Management Consulting Services Ltd. participated in the meeting.