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Cash-strapped Wakf Board mulls 2 multiplexes near Haj House

Posted by on July 8, 2011 0 Comment

Hyderabad: The cash-strapped State Wakf Board has decided to increase its revenue by developing some of its prime properties in the city and elsewhere.

One of the properties that would be developed under BOT (Built Operate and Transfer) mode is located right next to the Haj House in Nampally. There are two chunks of land-8,000 square metre on the north and 7,000 sqm on the south of the Haj House. They are expected to be given to a real estate developing firm or individual to construct multiplexes with shops and recreation facilities. The proposed plan envisages about 15-story complexes wherein the developer would be allowed to collect 50% share of the revenues for about 15 years.

Wakf Board chief executive officer MA Habeeb said that in a recent meeting the board has agreed in principle to expedite the proposal. But the board is yet to endorse the project proposals officially and ratify them. The whole process could be completed by the end of this year.

The other properties that have been identified by the board in the city include Moin Manzil at King Koti, two acre of land at Attapur and a much bigger land at Manikonda. By developing these properties the board could generate annual income beyond Rs 100 crore, he said. Some prime lands have also been identified in Visakhapatnam, Kurnool and Guntur for development.

The board gets merely Rs 2 crore annual revenue from its properties in the entire state now. It looks up to the government for funds to run some of its schemes such as monthly stipend to divorced Muslim women, which it has taken up under Muslim Women (divorced and protection) Act 1998. TOI

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