GO111 repeal to see huge inflows into state coffers
The state government hopes to get about half of its revenue projection made in the budget proposals 2022-2023 following scrapping of GO111.
Hyderabad: The state government hopes to get about half of its revenue projection made in the budget proposals 2022-2023 following scrapping of GO111. It feels that there would be a massive surge in real estate business and the government will be able to rake in moolah of at least Rs 1-lakh crore during the current financial year.
The State Revenue department has identified about 30,000 acres of government land. Official sources said that government lands have been identified in Moinabad (5,700 acres), Shamshabad (8,004 acres), Gandipet (1800 acres), Shabad (626 acres) Shankarpally (780 acres) and in Chevella (1,360 acres).
The present rate per acre ranges from Rs 50 lakh to Rs 70 lakh in these six mandals which are under GO111. The land value is likely to go up to Rs 3 crore once the realty boom picks up in these areas. The government will earn not less than Rs 90,000 crore by selling these lands and another Rs 10,000 crore through property registrations once the government announces the land development plans, which is under preparation by the official committee headed by Chief Secretary Somesh Kumar.
The land identification is already over and the development of land mainly layouts and the mandated civic amenities like power supply and drinking water supply network in the vacant lands needs to be developed. The authorities said that HMDA (Hyderabad Metropolitan Development Authority) will extend required services to the local bodies in the 84 villages to develop amenities at international standards to attract big realty investors to buy the lands.
The major challenge before the government is to conserve Osman Sagar and Himayat Sagar reservoirs and the peripheral areas to promote the realty business. All the villages covered under GO111 are very close to the IT hub which has been developed in the Gachibowli zone. A master plan needs to be developed to promote realty and also the IT industry in the business potential areas simultaneously.