GMADA Secures ₹2,500 Crore Loan to Accelerate Development Projects
GMADA borrows ₹2,500 crore from Punjab devp authorities to fast-track its key projects
Hindustan Times
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The Greater Mohali Area Development Authority (GMADA) has secured a ₹2,500 crore loan from various development authorities in Punjab to expedite ongoing projects and land acquisitions. The loan, structured over three years at a 7% interest rate, aims to support key initiatives like Aerotropolis and Eco City-3.
- 01GMADA has raised ₹2,500 crore to fund development projects.
- 02The loan includes contributions from multiple Punjab development authorities.
- 03GLADA is the largest contributor, providing ₹1,000 crore.
- 04The loan will be repaid within three years at a 7% interest rate.
- 05Funds will support critical projects to avoid delays.
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The Greater Mohali Area Development Authority (GMADA) has secured a ₹2,500 crore loan from various development authorities in Punjab to finance ongoing development projects and land acquisitions. This structured loan arrangement involves contributions from several authorities, with the Greater Ludhiana Area Development Authority (GLADA) providing the largest share of ₹1,000 crore. Other contributors include the Jalandhar Development Authority (₹300 crore), Patiala Development Authority (₹250 crore), Bathinda Development Authority (₹200 crore), Amritsar Development Authority (₹150 crore), and the Punjab Urban Planning and Development Authority (PUDA) (₹150 crore). GMADA plans to utilize these funds for key projects such as the Aerotropolis, Eco City-3, and land acquisition for the Aerotropolis Extension, which require immediate financial backing to maintain progress. The loan is structured over a period of three years at an interest rate of 7%, comparable to fixed deposit returns for the contributing authorities. GMADA officials assured that the loan will be repaid within the stipulated time, ensuring no financial loss to the contributing authorities. Furthermore, the arrangement allows flexibility for these authorities to withdraw their funds if needed during the loan period.
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This loan will facilitate the swift execution of critical infrastructure projects in the Greater Mohali area, potentially enhancing property values and local amenities for residents.
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