Andhra Pradesh Housing Board to take up mega housing project near international airport

Fund-starved Andhra Pradesh Housing Board (APHB) has decided to take up a mega housing project close to the international airport at Shamshabad. This is the first housing project being taken up by the APHB near the international airport.

Officials said the housing project mainly targets the higher income group (HIG) with 420 independent villas on its 125-acre land at Raviryal village in Maheshwaram mandal. Raviryal is on Pahadisharief-Tukkuguda road and the project site is located near the rear entrance of the airport.

The project is being divided into three categories -- 120 HIG-II housing units in an extent of 266 square (sq) yards each, 200 HIG-I units in 220 sq yards each and another 100 houses of middle income group (MIG). Since it is a major project and the site is close to the airport, the APHB is expecting huge response from public.

Ironically, the APHB has reserved 49% of the independent villas to MPs, MLAs, defence personnel, SC, ST, BCs, state government employees (both in service and retired), physically handicapped and freedom fighters and 51% for general public. Apart from this, 30% will be allotted to women.

Sources said the board had made an attempt to take up a housing project in the same layout in 2005 when there was real estate boom. The APHB had even entered into an agreement with Malaysia's Ho Hup Construction Company (HHCC India) Private Limited in March 2005 for a joint development of an integrated township. However, the company did not show any interest due to slow down in real estate and the agreement was cancelled.

Apart from the Raviryal housing project, 41 houses will be constructed at Laxmiguda near Katedan in Rajendranagar mandal. In the 80-acre layout, the board has already constructed 685 houses in five phases and the current phase is being taken up in two acres only for HIG category, the officials said.

"To discourage non-serious people, prospective buyers have to pay 10% of the estimated cost of the houses to register their names, which ranges between Rs 3 lakh and Rs 4.75 lakh. The last date for registration is August 7," APHB special commissioner Ch Sridhar told TOI.

The officials hope the latest housing project would bail out the board, to some extent, from financial crisis. The APHB has been passing through bad patch for the past few years with dwindling revenues. Due to poor revenues, it had taken a loan of Rs 175 crore taken from Hudco in July 2011 for its ongoing projects and since then has been repaying Rs seven crore every quarter. Also, the income-tax (I-T) department has served several notices demanding payment of Rs 900 crore as tax on the revenue it earned from land auctions between 2005 and 2009. With no major project in hand, the board has been auctioning some leftover plots in old layouts to stay afloat.

SOURCE:
The Times of India