News:
ePaper |
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts:
Retail Plus |
Classifieds |
Jobs |
Andhra Pradesh
-
Hyderabad
GHMC to make inventory of assets for taking loan
Special Correspondent
HYDERABAD: GHMC is to make an inventory of the assets owned or leased and make a valuation before it can go before the financial institutions for taking the Rs.600 crore permitted by the government recently.
At least nine banks had expressed interest in disbursing the loan to the Municipal Corporation as soon as the announcement was made came and though some of them did not return after initial enquiries once the employees' non-cooperation movement picked up steam.
“We are in a preliminary stage. We can go for loan after approval of the Standing Committee and it could take upto six months,” said Additional Commissioner (Finance) S. Harikrishna. Modalities to be worked out include the interest rate at which the banks are offering the loan.
Under a new set of guidelines, financial institutions are said to be offering loans at variable interest rates. Once the assets inventory and valuations are made, it will be decided which of the properties are to be mortgaged since the Government has allowed the loan to be raised sans any security from its side.
For now, the policy decision is not keep parks away from the mortgage part. It means commercial complexes; municipal markets and even office buildings are liable to be mortgaged as “some collateral has to be shown”.
The civic body which has taken an overdraft of Rs.350 crore from State Bank of Hyderabad (SBH) few years ago is not inclined go for bonds although the double A plus credit rating by Crisil enables it to float them.
Senior officials claim that servicing the Rs.600 crore once taken would not be much of a burden as the loan period will stretch over a 10 year period.
“We are confident of the repayment mode as we are expecting incremental rise in revenues especially property tax in the coming years,” they say. With the loan amount, the grand plan is to ground works for basic amenities in colonies of the suburbs, way behind the core city in terms of civic infrastructure.
Printer friendly
page
Send this article to Friends by
E-Mail
Andhra Pradesh
News:
ePaper |
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts:
Retail Plus |
Classifieds |
Jobs |
Updates:
Breaking News |
|
