Revanth Sarkar’s attempt to raise 20 thousand crores by pledging 450 acres
After 21 years of struggle, the lands were acquired by the government
Bonds to private banks through TGIIC
30 thousand crores with 400 acres in Gachibowli
Attempt to collect without coming under the purview of FRBM
A strategy to mobilize a total of Rs.50 thousand crores
Revanth Sarura is indispensable for the performance of guarantees
The state government is exploring various ways of debt collection. On the one hand, taking loans subject to FRBM limits in full and on the other hand, it is trying to raise massive debt by pledging government assets to private banks to avoid falling under FRBM.
Recently, it has prepared a plan to raise another Rs. 20 thousand crores by pledging valuable lands not coming under the purview of FRBM. The Congress government, which has already started efforts to mobilize debt on a large scale through the Telangana State Infrastructure Corporation (TGIIC), is also approaching lending brokerage firms.
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TGIIC has already started the process of tenders to collect Rs. 10 thousand crores by pledging many lands around Budvel and Hyderabad. However, those loans were not enough for Revanth’s government, which had given unusual guarantees. This led to the search for alternatives.
IMG Lands | Hyderabad, August 17 (Namaste Telangana): In the united state, the lands allocated to IMG India by Chandrababu Sarkar have been protected by legal battles by the previous governments. Especially the previous KCR government argued strongly in the Supreme Court and High Courts and made those lands available to the people of Telangana. After 21 years of pending cases in the courts were broken, now those lands have come into the possession of the government. Out of this, 450 acres of land is under TGIIC and another 400 acres is in the possession of Revenue Department. Revanth Reddy’s government, which is struggling to implement the six guarantees, now has its eye on these lands.
400 acres of land in Kancha Gachibowli and 450 acres in Mamidipalli and Ravirya under Ranga Reddy district have been made available to the government. In this, the Congress government is trying to collect literally Rs.20 thousand crores by pledging 450 acres of land owned by TGIIC. The sector is prepared to collect loans in the form of bonds. In order to borrow such a large amount, the state government must take permission from the centre.
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If this is taken, factors like FRBM will be taken into consideration. Hence, the state government is contacting private investors and private banks to avoid going under FRBM. It is trying to take loans for 20-30 years. It is the idea of the government leaders that if this money comes, some of the election promises given by the Congress party can be fulfilled. However, the question arises that these lands will be useful for fulfilling the respective guarantees only for one year and then what will happen after that.
What will be done with those 400 acres?
It is interesting to know what the government will do with another 400 acres of land acquired by IMG India. These places in Gachibowli are most valuable. Real estate sources say that the value of an acre of land here is at least Rs 70 crore to 80 crore. There are still some encroachments among these. The government has entrusted the responsibility of removing these to the District Collector of Rangareddy. Government sources estimate that if these are also auctioned, they will fetch at least Rs.30 thousand crores. It means that the government has the possibility to collect at least Rs. 50 thousand crores through IMG lands alone.
As real estate is not recovering in the state, it seems that the government is thinking of selling these lands after taking possession of them. It is reported that within the coming year, the government officials intend to fill the government coffers either by pledging or selling the most valuable lands worth Rs.50 thousand crores in Hyderabad. If the government sells all the IMG lands and collects Rs. 50 thousand crores.. It seems that the largest amount of money has ever been collected through lands from the joint state to the separate state.
