Global meltdown and slump in the real estate are beginning to impact big projects proposed at Gachibowli and Madhapur. Some projects Projects have been put on hold even before the foundation stone is laid, while some builders are reluctant even to pay building permission fee to the Hyderabad Metropolitan Development Authority (HMDA). Nearly 23 firms have to pay Rs 187 crore to HMDA.
Most of these projects are proposed for construction of IT office spaces, service apartments and hotels in Gachibowli and surrounding areas of Hi-Tec City which fall under the erstwhile Cyberabad Development Authority.
Though HMDA cleared these projects a few months ago, many construction and development firms have not paid development charges and impact fees for taking sanctioned plans from the urban development authority.
As many as 23 firms have to pay about Rs 187 crore to the HMDA and other builders have to clear another Rs 50 crore towards development charges, impact fee and other charges. HMDA officials are worried as permission fees is the major source of income for the authority.
For instance, realty major Aliens Development Pvt Ltd has to pay Rs 29.44 crore and Oakwood Estates belonging to former cricketer Arshad Ayub has to clear Rs 94.36 lakh.
Mantri Developers Pvt Ltd has proposed an office complex with 14 floors and residential complex with 24 floors at Nanakramguda, but it has not cleared Rs 44.14 crore towards permission charges. Similarly, one Anil Kumar Kishen sought permission for building an IT hub with 12 floors and a residential apartment at Gachibowli. When the authority cleared his file and asked him to pay Rs 11.04 crore, the builder has not responded to HMDA reminders to pay up. Another firm Trendset Bharat Projects Developer Pvt Ltd has to pay Rs 8.78 crore to the authority.
Universal Realtors Pvt Ltd, which has proposed a hotel building with cellar and 12 floors, owes Rs 7.85 crore to the authority, another company Theme Construction Pvt Ltd which proposed residential apartments with 14 floors has to clear Rs 4.84 crore dues towards building permission charges. B Sarat Gopal applied for permission for IT building with four cellars and 10 upper floors, though it was cleared in October this year, the builder has not paid Rs 12.20 crore to the authority.
"Applications of nine firms for construction of IT offices and hotels were cleared in the erstwhile Cyberabad Development Authority areas (Madhapur, Gachibowli areas) and 14 building permissions in HMDA areas in the past six months. All these builders owe Rs 187 crore to the urban development authority," a senior HMDA official said.
"It is true many builders are rethinking their big projects due to the recession and its impact on IT/ITeS sector as they are the primary consumers. Some builders are waiting all these months for reduction in development charges and impact fee, which are very high," P V S N Murthy, president of AP Builders' Association, said.
"As the government has recently taken a decision to allow builders to pay the impact fee in instalments and reduction in development charges, now the builders can clear the dues in instalments," Murthy added.
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