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The fund-starved Hyderabad Metropolitan Development Authority (HMDA) is now scouting to raise Rs 200 billion to undertake various infrastructure projects across the city. The authority recently invited expressions of interest (EOI) to appoint an advisor-cum-merchant banker to facilitate the process within 18 months, extendable by a year if necessary. HMDA is also prepared to pledge its properties and lands to secure the funds for projects, including two elevated corridors (Paradise to Shamirpet and Paradise to Old Dairy Farm, connecting NH 44), a cable bridge at Mir Alam Tank, and nine greenfield radial roads linking the proposed Regional Ring Road (RRR). This is not the first time HMDA has pledged its properties for loans. Previously, lands at Kothwalguda were mortgaged for projects like the PVNR Expressway and ORR Phase I, said sources adding that the authority requires Rs 5,000 crore within the next four to five months to begin the work. Initially, the state govt planned to auction urban lands to raise funds but shelved the idea due to weak real estate market conditions. The only viable option now is raising funds through bond issuance, managed by an experienced advisor, a senior HMDA official told TOI. The bidding document stated that the selected advisor will oversee fund mobilisation, structuring, credit enhancement, tax implications, and placement (public or private). They will also assist in selecting legal counsel and rating agencies and manage the issuance and post-issue formalities.