GDA to pump Rs1,500 crore into infrastructure projects

The Ghaziabad Development Authority (GDA) has allocated Rs 1,500 crore for various infrastructure development projects in the city, in its Budget estimate for financial year 2016-17.

According to a media report, the Budget estimate received in-principle approval from the GDA board at a meeting held in Ghaziabad on Tuesday. The meeting was presided over by Sadakant Shukla, Principal Secretary (Housing), UP Government.

The total revenue expected to be received by GDA during 2016-17 has been estimated at Rs 2,056.80 crore, while the total expenditure has been pegged at Rs 2,370.10 crore. This includes Rs 400 crore to be spent on building a ‘land bank’.  “The land bank will be built by buying land directly from farmers in accordance with the policy issued by the state Government. Compensation rates, at four times the circle rate for rural areas and twice the circle rate for urban areas, will be paid to landowners,” Shukla said.

GDA officials said 500 hectares has been identified for the land bank, in the Pipeline Road area behind Raj Nagar Extension, and alongside Northern Peripheral Road. This land belongs to farmers in five villages around the area.

GDA has estimated an income of Rs 771 crore from fees and levies imposed upon development works in various zones. Similarly, it has estimated an earning a sum of Rs 705 crore through sale of developed plots and buildings.

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A total of 44 proposals, pertaining to various works and policies, were given the green signal by the board during the meeting, which also approved a proposal to introduce e-tendering for certain categories of development works in the city.