Rs 1500 crore for boosting real estate market
1 April 2015 5:06 AM IST
The Ghaziabad Development Authority will expand its budget by 60 per cent on development in the financial year 2015-16. Announcing the decision of the 143rd board meeting of GDA, the chairman and vice- chairman Santosh Kumar Yadav said that the authority will pump Rs 1500 crore in the infrastructure and development sector to boost real estate market in the region.
“The board meeting approved Rs 2, 526 crore expenditure budget for the authority for the year 2015-16, out of which, Rs 1, 500 crore would be spent on development and construction,” said Yadav.
The lion’s share of the expenditure will go on three big infrastructure projects – Metro line from Dilshad Garden to Ghaziabad Bus Stand, Hindon Elevated Road and Northern Peripheral Road.
The authority will also apply Rs 700 crore on land acquisition and create a ‘land pool’ for future projects, besides implementing the ongoing projects. The salary and administrative expenses of the authority would be only Rs 90 and Rs 42 crores respectively.
“The investment in the infrastructure sector would create a huge market for real estate development in the area, which would automatically increase resources of the authority and provide better facilities to the buyers,” he added.
During the meeting, the authority also relaxed the norms for allotment of land to petrol pumps. The authority has decided not to charge farmers in Madhuban Bapudam scheme till they are given physical possession of their developed plots.
“The board meeting approved Rs 2, 526 crore expenditure budget for the authority for the year 2015-16, out of which, Rs 1, 500 crore would be spent on development and construction,” said Yadav.
The lion’s share of the expenditure will go on three big infrastructure projects – Metro line from Dilshad Garden to Ghaziabad Bus Stand, Hindon Elevated Road and Northern Peripheral Road.
The authority will also apply Rs 700 crore on land acquisition and create a ‘land pool’ for future projects, besides implementing the ongoing projects. The salary and administrative expenses of the authority would be only Rs 90 and Rs 42 crores respectively.
“The investment in the infrastructure sector would create a huge market for real estate development in the area, which would automatically increase resources of the authority and provide better facilities to the buyers,” he added.
During the meeting, the authority also relaxed the norms for allotment of land to petrol pumps. The authority has decided not to charge farmers in Madhuban Bapudam scheme till they are given physical possession of their developed plots.
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