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HMDA’s commercial complexes lying vacant for past two years
HMDA’s Commercial Complexes Lying Vacant For Past Two Years. Astrologers might call it ill luck and vaastu experts would call it bad placement. Whatever it may be, looks like there is no end to troubles of the Hyderabad Metropolitan Development Authority (HMDA).
No takers for famed Maitrivanam
Rigid and non-flexible attitude keeps clients away
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Astrologers might call it ill luck and vaastu experts would call it bad placement. Whatever it may be, looks like there is no end to troubles of the Hyderabad Metropolitan Development Authority (HMDA). The commercial complexes of the HMDA are vacant and this is hitting the revenues of the already cash crunched civic body. Reports estimate that 94,000 square feet of commercial space has been lying vacant for the past two years.
HMDA has five sprawling commercial complexes in the city. These include three at Ameerpet, one at Tarnaka and one at Abids. Despite being located in the busiest areas of the city, these commercial complexes have been lying vacant for quite some time now. It is estimated that if all the blocks of these commercial complexes area are filled they would fetch a rent of Rs 2 crore per month. However, in the current scenario the civic body earns less than Rs 1 crore a month from these complexes.
Gone are those days when business houses used to lobby for space to rent in the famed Maitrivanam complex. Experts and senior staff of the HMDA state that the lack of recruitments by the IT and ITES firms during the last three to four years have led to the closure of many training institutes located in the areas, which earlier used to operate from these premises.
Apart from these, the fall in real estate prices, the violence during the T struggle, etc, had a key role to play in the low occupancy rates. The tenants of the complexes claim lack of maintenance and water supply as the prime reasons for the unusually low occupancy. However, the HMDA officials refuted these charges stating that they have been providing tankers to these complexes time and again.
Sources admit that it is the lack of flexibility that has led to the sorry state of affairs. In Ameerpet, the rental fares per square feet range from Rs 19 to Rs 40 and private complexes have been flexible with the rates, changing them to meet the requirements. However, the HMDA is reluctant to change their tariff which is close to Rs 30 per sqft (which is increased annually).
“Private players are increasing the rentals during the peak season and dropping down in non-peak seasons. We have failed to do that. Earlier, we used to call tenders and used to rent blocks at a premium price. Now even if we are offering at offseason price, there are no takers,” informed a senior official with the HMDA.
