C Shivakumar @ Chennai:
Tamil Nadu government is planning to revive the fortunes of state transport corporation, which is bleeding with outstanding liabilities worth $ 1 billion mainly on account of retirement and salary dues, by monetizing the bus depots through redevelopment and by offering affordable housing bonds.
The Tamil Nadu Transport Corporation, which requires an investment of Rs 2,000 crore to replace non-functional fleet, is now looking at a revival plan by creating a viable fare structure and revision model, seeking low cost funding from German agency KfW to modernize the fleet with battery operated buses as well as reconstructing the depot to accommodate commercial, retail and residential real estate.
It is learnt from sources that Tamil Nadu Infrastructure Fund Management Corporation has offered to help in the bus depot redevelopment and integrating the bond with the project.
The bond being floated by the transport department can be redeemed against affordable housing apartments under Pradhan Mantri Awas Yojana or commercial or retail space in the newly developed depot sites when it becomes available.
The flats will be sold outright through a special purpose vehicle which will also perform the operation and maintenance of the building so that the quality of apartments is maintained.
The redeveloped bus depots are proposed to have three separate zones. These include the bus area, the commercial area and the residential apartment area catering to low income and middle income group.
It is learnt that apartments in the depot, which will be in prime areas, will be given to employees or ex-employees of transport department and the rest sold on commercial basis.
Initial proposal suggests that possible buyers of the bonds will be current and former employees of the transport corporations based on dues till March 31, 2018 as well as public sector banks on behalf of employees based on amounts due to them.
It is learnt that studies are being undertaken on site suitability for redevelopment of bus depots for commercial and residential purposes as well as res-alignment of roads.
Interestingly, the move by state government comes in the wake of housing department struggling over construction of 8.30 lakh houses under Pradhan Mantri Awas Yojana (PMAY) for urban areas as it doesn’t have enough funds or land to build homes for those who are houseless.
As on date the state has obtained sanction of 3.29 lakh houses from Centre under PMAY under the Credit Linked Subsidy Scheme (CLSS), Affordable Housing in Partnership scheme and Beneficiary Led Construction scheme. Sources said the Union government provides a subsidy of only Rs 1.5 lakh per house under the affordable housing in partnership while the cost of construction of multi-storied units in Chennai ranges from Rs 9 to Rs 10 lakh and Rs 8 lakh to Rs 9 lakh in other parts of the state.
Factfile:
1. The State transport corporation has outstanding liabilities of $1 billion mainly on account of retirement and salary dues
2. It requires an investment of Rs 2,000 crore to replace non-functional fleet
3. Among the various revival plan, the state government is looking at a proposal to redevelop existing bus depots and accommodate commercial, retail and residential properties.
4. Plans are also to avail the funds under the Pradhan Mantri Scheme to build affordable homes at the bus depot
5. The bonds will be offered to current and former employees of transport corporations based on dues till March 31, 2018
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