Thursday, Oct 14, 2004
Thursday, Oct 14, 2004 |
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Advts: Classifieds | Employment | Obituary | Kerala
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Kochi
By Our Staff Reporter
KOCHI, OCT. 13. The Greater Cochin Development Authority (GCDA) expects to retire all its loans in two months. The decision follows a meeting between the GCDA and the Housing and Urban Development Corporation (HUDCO) officials in New Delhi on Tuesday. The GCDA chairman, Antony Isaac, and the secretary, P. Satyaraj, returned from Delhi on Wednesday. The meeting decided that the amount GCDA has to pay HUDCO would be finalised after reworking the interest rates in a month, it is learnt. The Authority prefers to settle the dues through a one-time payment.
Debt to bank
It has already initiated steps for repaying the debt it owes to the Syndicate Bank. The Authority is pinning its hopes on the sale of the property it owns - the land at Marine Drive, which was re-tendered after the High Court order in this regard and the land near the reclaimed land put on sale by the Goshree Islands Development Authority (GIDA) - as the resource for repaying the debt. This step is essential to reinstate the confidence that people have in the Authority about its potential for taking up development projects, said Prof. Isaac. After settling the dues, the Authority would be requesting the State Government to provide assistance in future projects as it would not be availing loans any more, he added.
Two projects
The two projects that the Authority has in hand are the one to construct residential apartments at Gandhi Nagar and Kadavanthra and the other to construct 100 more houses for economically weak persons at Edathala. The Authority had invited Expressions of Interest (EoI) for the first project on a Build-Share-Transfer basis and got a response from a builder. The work would be finalised after the approval of the general council, scheduled for Thursday, is sought. The executive council has already approved the proposal. The Authority had advertised that builders thus approved could construct the building while the land would remain under the GCDA's ownership. The project would require no investment from the part of the Authority as the price for the plots would be fixed with the help of the district administration and after construction, the number of flats worth the price of the built-up area and actual construction cost will be handed over to the Authority on completion of the project. Similarly, the cost of houses to be constructed at Edathala would also be recovered from the beneficiaries on a long-term basis. An initial amount of Rs. 50,000 would be collected from the beneficiaries and the rest would be collected on a part-payment and part-rent scheme.
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