Properties in 2014 valued at Rs 8,190 cr; the total land bank is 1,404 acres; Loan against mortgage is Rs 1,395 cr
Hyderabad: TSRTC properties are estimated to be worth Rs 8,190 crore as per the valuation in 2014. However, the TSRTC mortgaged properties for a loan of Rs 1,395 crore as against its land bank of 1,404 acres across Telangana. TSRTC has bus stands in every town, 94 bus depots, offices and open lands in the state. The corporation has already leased out select public land. Rangareddy district tops the list of land bank, while Adilabad is ranked at the bottom.
TSRTC has 250.72 acres in Ranga Reddy district, over 134 acres in Hyderabad and Nizamabad each. Barring Adilabad, TSRTC has over 100 acres of land in every district of Telangana.
Though the government completed the lease process through tenders, criticism took place as to why did one individual submit the tender. Politicians supervised the tender process by APSRTC during the united AP regime. According to the valuation done during the bifurcation of Andhra Pradesh, the value of properties was Rs 8,190 crore. Based on registration and market value, the valuation was carried out in 2014. As per the then registrar office estimates, the amount was Rs 4,450 crore and as per the market value Rs 8,190 crore.
However, the value will be much higher, according to the prevailing market prices. TSRTC mortgaged five properties and took a loan of Rs 1,395 crore. The list of properties mortgaged includes Jubilee Bus station (JBS), Uppal workshop, bus depots at Barkatpura and Hayatnagar workshop and staff quarters in Karimnagar.
The accumulated losses are Rs 1,200 crore. Over 48,000 TSRTC employees have been on strike since October 5, 2019. The TSRTC is losing Rs 12 crore revenue every day owing to the ongoing strike. TSRTC requires Rs 200 crore to pay salaries every month.