The Times of India                26.09.2013  

Hyderabad Metropolitan Development Authority’s new land lease policy

HYDERABAD: The Hyderabad Metropolitan Development Authority (HMDA) on Wednesday announced a new policy on leasing its land. The lease will be short term for three to five years, while lease rentals will be 10% of the prevailing market value per annum.

All genuine lease proposals would be placed before the HMDA's executive committee (EC) for final approval of the metropolitan commissioner. Long-term lease proposals would be submitted to the government after approval of the EC. The enhancement would be 10% of the lease amount for every five years in long-term leases.

The 17th executive committee meeting of the HMDA was held under the chairmanship of HMDA commissioner Neerabh Kumar Prasad on Wednesday. The EC also approved other decisions, including taking up development of Hyderabad Habitat Centre (HHC) on HMDA land (11 acres) at Khanamet on the lines of India Habitat Centre, Delhi, to promote "Heritage & Art" of Hyderabad and the region. The project cost has been pegged at about Rs 266 crore. As the chief promoter, HMDA would contribute land and seed capital to a special purpose vehicle to be created to develop and operate the facilities at the centre.