Hyderabad: After managing its affairs with near empty coffers for the last few years, the Hyderabad Metropolitan Development Authority (HMDA) has now started to register a financial turnaround.
Thanks to the positive sentiment in city real estate and a few reforms, the planning body has increased its income during the present financial year. While the income during financial year 2015-16 was nearly Rs 350 crore, it increased to Rs 377 crore till February during 2016-17.
From its major revenue sources, the HMDA earned Rs 246 crore through development charges, processing fee, CLU charges etc. The same earning last year was Rs 154 crore.
This was mainly due to the rise in building layout approval applications during the last few months and other measures like speedy clearance of applications etc, officials said.
Offering the much-needed cushion for developers and fuelling the real estate activity, the HMDA introduced the facility of paying development charges in instalments, a move that helped it reap close to Rs 100 crore.
Though the instalment payment was in vogue earlier, it was discontinued in the last few years.
Accordingly, the developers will now be able to pay the development charges for layouts upto Rs 75 lakh in four instalments at 12 per cent interest. Similarly, for those exceeding beyond Rs 75 lakh, the developers will be given the option of paying the charges in eight instalments at 12 per cent interest, said HMDA Commissioner T Chiranjeevulu.