Twin towers project in Guwahati still remains a pipe dream

STAFF REPORTER

GUWAHATI: The Rs 2,000-crore 65-storeyed twin towers project in Guwahati continues to remain a pipe dream. The major hurdle is the 'risk factor' in such a huge investment. The government is trying all possible options through fresh bidding; but is not sure if it will at all hit upon a pragmatic plan.

In February 2018, the State government signed an agreement with the NBCC (National Building Construction Company) for the twin towers project at Betkuchi in Guwahati. The NBCC is also on record as saying that the project would be completed in 60 months.

However, not even the construction work could be started over the last two-and-a-half-year period.

The modality of the project is such that "the government would provide 32 bighas of land; and the investor would have to construct the twin towers at its own cost". The 'risk factor' in the modality remains that if such a huge investment will yield returns, and if so, when? This question led the NBCC to move away from the project.

Even though the value of the land (32 bighas) is around Rs 100 crore as fixed by the government, it incorporated another condition that the investor will have to pay Rs 300 crore as security deposit. Such a provision will let the government get at least the land value in the event of the investor moving away from the project in the mid-way.

The State government is also mulling on an offer like buying a space worth Rs 500 crore in twin towers for official use. Even after this, the government is yet to get any prospective bidders for the project.

According to sources, the biggest hurdle lies in the 'economic viability' of the project. This is despite the fact that the Industries department keeps on luring prospective investors saying that the project (twin towers) will prove to be the proverbial 'cash cow' with Guwahati emerging fast as the hub of ASEAN (Association of South East Asian Nations). However, so far this 'tempting slogan' has found few takers as no tangible development is taking place on the 'Act East' policy front.

Sources further said that the project would have seen the light of the day by now 'hadn't the department bitten more than it could chew'. They said that a bit smaller project would have found investors by now.

A source in the Industries department said, "We're trying our best to translate the dream into a reality. We're exploring all possible means to make the project a success."

Signing the deal of this project with NBCC in February, 2018, Chief Minister Sarbananda Sonowal said, "The twin towers with in-house arrangements would boost business in the State which aspires to be a hub of trade between India and the South Bloc of ASEAN."

Will the Chief Minister's dream be translated into a reality, or simply remain a pipe dream?

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