Hyderabad, February 26: Now Moazzam Jahi market will be mortgaged. Yes the report is true as the Greater Hyderabad Municipal Corporation has planned to mortgage the historic markets of the city to obtain a loan of Rs. 600 crore from banks.
Proposals had been sent by the GHMC to the government in this regard to sought permission for obtaining a loan of Rs. 600 crore by keeping these markets as surety in the banks.
The state government who is already facing financial crisis has permitted GHMC to mortgage buildings owned by the corporation.
This decision illustrates the state of affairs of the government treasury.
Once it was said that if land grabbers have the power they would sell Charminar too. This saying is put into action with a difference on government level by mortgaging the historical buildings instead of putting them on sale.
Not only Moazzam Jahi market but the Greater Hyderabad Municipal Corporation (GHMC) is planning to mortgage Hissam Gunj (Monda market) and Budha Bhawan (Secunderabad) too.
GHMC says that the money will be utilised to provide basic infrastructural facilities to the citizens such as underground drainage, water lines, street lights and roads in about 800 new colonies that have come up in the surrounding municipalities.
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