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HMDA loses fortune
Hyderabad Metropolitan Development Authority (HMDA) is grappling with the poor response from business community to take lease of space in its commercial complexes. Almost 50 per cent of space in the commercial complexes in Maitrivanam, Swarnajayanthi, Maitrivihar, Hermitage office and Tarnaka complex remains vacant. It has resulted in a loss of over Rs 100 lakh a month to HMDA.
Hyderabad: Hyderabad Metropolitan Development Authority (HMDA) is grappling with the poor response from business community to take lease of space in its commercial complexes. Almost 50 per cent of space in the commercial complexes in Maitrivanam, Swarnajayanthi, Maitrivihar, Hermitage office and Tarnaka complex remains vacant. It has resulted in a loss of over Rs 100 lakh a month to HMDA.
According to officials, out of total of 5,81,306 square feet, 2,56,836 square feet area is vacant in five complexes owned by the HMDA. As much as 9,659 square feet remain unoccupied in Maitrivanam complex, causing a loss of Rs 2,97,512 a month. In Swarnajayanthi complex, the HMDA is losing Rs 53,70,905 a month, in Maitrivihar complex Rs 25,45,746 a month, in Hermitage office complex Rs 23,38,727 a month and in Tarnaka complex the loss is Rs 23,384 a month.
Sources in HMDA said the rents from these buildings, especially from Maitrivanam complex, Swarnajayanthi complex and Maitrivihar complex is the main sources of revenue for HMDA, but majority of the space is unoccupied. Some of the space in these building is vacant for the past three years. He also said that one of the reasons for vacant space is because most of the IT companies and corporate offices have moved to other areas.
The HMDA is trying to attract banks to establish their branches in these complexes. When contacted, a HMDA official said around 50 per cent of the area in HMDA buildings is vacant, causing a huge loss of Rs 100 lakh a month. Some of the government offices in these complexes were vacated after the bifurcation of the State.
These offices were shifted to Andhra Pradesh. Some of the IT companies have shifted their offices to Gachibowli. Another reason for commercial establishments to move out is the imposition of GST on maintenance charges and it has led to added financial burden on the corporate establishments.
