Blaming Delhi government for deliberately stalling development projects by delaying disbursement of rightful revenue share to the corporations, North Delhi Municipal Corporation has decided to approach government’s financial institutions for loans for its redevelopment projects. The corporation expects to earn around Rs 5,000 crore per annum if all its redevelopment projects are implemented and tapped in full capacity.
‘We have vacant plots and abandoned buildings which could be redeveloped into commercial and office complexes but government is sitting on our rightful revenue shares leaving us in financial crisis. Government discontinued almost all the grants and delayed funds,’ said Ram Kishan Singhal, chairman of the standing committee of North DMC.
‘We are planning to borrow loans from various government agencies such as NCR Planning Board for our financially viable projects which are meant for commercial exploitation,’ added Singhal. The chairman also directed the commissioner and other officers of the department to start the process to avail loans for these projects under Article 185 of the Delhi Municipal Corporation Act.
‘We have vacant plots and abandoned buildings which could be redeveloped into commercial and office complexes but government is sitting on our rightful revenue shares leaving us in financial crisis. Government discontinued almost all the grants and delayed funds,’ said Ram Kishan Singhal, chairman of the standing committee of North DMC.
‘We are planning to borrow loans from various government agencies such as NCR Planning Board for our financially viable projects which are meant for commercial exploitation,’ added Singhal. The chairman also directed the commissioner and other officers of the department to start the process to avail loans for these projects under Article 185 of the Delhi Municipal Corporation Act.