GHMC to generate revenue by changing residential properties into commercial

Hyderabad: The Greater Hyderabad Municipal Corporation (GHMC) has declared many City roads as commercial corridors and sought applications from property owners to change their residential properties into commercial.

This new scheme is proving quite lucrative for the debt-ridden GHMC as it has received more than 1500 applications so far. The Corporation is likely to get other revenues in addition to Texas and impact fees for changing the properties into commercial

According to the GHMC officials around Rs 300 crores is likely to be collected by changing the residential properties into commercial. The value of the lands is also likely to increase due to this scheme.

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There are 30 Municipal circles in the City where 111 roads were declared as commercial corridors.

The property tax is the biggest source of revenue for the GHMC. The GHMC officials are trying to get income from other categories to fund development projects in the City. Currently, the GHMC is under the burden of huge debts.

According to the GHMC officials, the applications shall be expedited by next march after collecting the revenues from the applicants.

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