Hyderabad: The Greater Hyderabad Municipal Corporation racked up around Rs 5,275 crores in loans, the biggest of which were borrowed from the State Bank of India (SBI).
In a reply to an RTI filed by city-based activist Robin Zaccheus, it was revealed that eight loans with interest rates ranging from 7.05% to 10.23%, were taken by the GHMC. Three were taken from SBI, while three were borrowed via bonds. Another two loans were borrowed from Housing and Urban Development Corporation (HUDCO).
According to the RTI, GHMC is in debt as the 2022-23 budget estimate reveals that its total income is around ₹6,321 crore, out of which ₹1,302 crores are in borrowings.
At the same time, various departments of the central and state government owe the Greater Hyderabad Municipal Corporation (GHMC) a total amount of Rs 5629 cr in property taxes.
The central government properties and their undertakings owe Rs 371 cr to the GHMC, including Rs 172.16 cr borrowed by the South Central Railways, an amount that has been pending for nine years, and Rs 26.84 cr by the central public works department, among others.
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