GDA to organise camp to offer interest waiver

Ghaziabad: The Ghaziabad Development Authority (GDA) will organise a campaign on December 29 and 30 where they will provide loans to their allottees at cheaper interest rates than bank. The authority is focused to benefit their allottees who are facing difficulties due to higher interest rates.

According to GDA officials, the authority is focused on generating revenue and receive money from those allottees who have failed to pay debts.

"We have organised the camp keeping in mind our allottees in various residential and commercial projects. Banks such as HDFC, SBI, ICICI and RBI will take part in the camp. An allottee can submit their documents and apply for the loan for their desired amounts. The move is aimed to benefit out allottees by relieving the interest rates," said Kanchan Verma, Vice-Chairperson, GDA.

GDA officials further informed that the banks used to levy around 12 per cent to 15 per cent interest rates on the loans earlier while during the camp there will be interest waiver given on the loans and it will be provided at a rate of 8.5 percent.

"We are focused to benefit around 5000 allottees who have invested their life time savings into various authority's projects. We have found that the allottees face difficulties while paying EMIs due to high interest rates. The move will generate revenue and will also facilitate people," added Verma.

The authority is also focused on implementing one-time settlement scheme (OTS) for their group housing and other projects. "A proposal in this regard has already been sent to the government and we will implement once we get the approval. The OTS scheme, one in action, will also benefit allottees by giving their waiver in interest rates and ease of one time deposits" said a senior GDA official.

Another move to benefit common people, GDA has already implemented a single window System for public where a person can meet directly with GDA Vice-Chairperson, Secretary and other senior officials to get their issues sorted.

"There are four windows related with each issue separately as property, engineering, enforcement and miscellaneous issues. Each issue will be monitored and sorted out under the supervision of GDA VC. The move is aimed to curb corruption and bring transparency," said Kanchan Verma, Vice-Chairperson, GDA.