Authorities Directed to Transfer Funds for Ongoing Projects
A recent official communication has directed multiple authorities to transfer funds for ongoing projects in the state of Punjab. The Greater Ludhiana Area Development Authority (GLADA), Jalandhar Development Authority, Amritsar Development Authority, Patiala Development Authority, and the Punjab Urban Planning and Development Authority (PUDA) have been instructed to transfer funds by 2 pm on Thursday.
Financial Contributions
According to a document, GLADA is contributing ₹1,000 crore, largely from its fixed deposits. Other authorities have also been asked to transfer significant amounts, including:
- GMADA: ₹450 crore from its own reserves
- Jalandhar Development Authority: ₹300 crore
- Patiala Development Authority: ₹250 crore
- Bathinda Development Authority: ₹200 crore
- Amritsar Development Authority: ₹150 crore
- PUDA: ₹150 crore
Loan Arrangement and Repayment
A senior GMADA official explained that the loan will be paid back with 7% interest within the stipulated three-year period. The funds will be used for ongoing projects, including:
- Aerotropolis
- Eco City-3
- Land acquisition for Aerotropolis Extension
- Key sectors such as 87 and 103
The official stated that the funds are being taken as a loan with assured returns and there will be no financial loss to the contributing authorities.
Flexibility and Ongoing Projects
The arrangement provides flexibility to the other development authorities to take back their funds in case of any requirement during this period. The official assured that the ongoing works in other cities will not be affected.
GLADA Official Unavailable for Comment
Despite repeated attempts, Ojasvi Alankar, the officiating chief administrator GLADA, was not available for comment.