The Ghaziabad Municipal Corporation would seek immediate assistance from the Uttar Pradesh Government to meet its share of funding in the ongoing Delhi Metro project amounting to Rs 246.35 crore. The proposal for the same has been passed by the executive committee of the Corporation in its meeting held on Saturday and is to be forwarded to the State Government for consideration.
Municipal Commissioner of Ghaziabad said that the State intervention is sought so that metro work may not get adversely affected due to dearth of funds.
“Although we have heavy dues pending on Ghaziabad Development Authority (GDA) as our land is resumed by the GDA for infrastructural facilities, but the financial assessment would have to be cleared on books so we will request the capital to grant us fund for metro share,” said CP Singh Municipal Commissioner of Ghaziabad.
He said that financial dealings are required to be settled mutually but Metro work should not suffer at any cost. “Hence, it was decided to request the state to assist us immediately,” said Singh.
Also another important decision taken by corporation was regarding issue of bonds in the market so as to achieve long term financial stability. “The executive committee has decided to issue bonds in the market. It is long term strategy to financially strengthen our corporation,” Commissioner said.
“The first hurdle has been cleared with the approval from the executive committee. Next step would be to get it cleared from the state. Subsequently, we will invite consultant agencies to evaluate our properties. Only after which we would be able register ourselves with Securities & Exchange Board of India (SEBI),” said the Commissioner.
The executive committee meeting was chaired by the city mayor Asha Sharma while the proceedings were conducted by the municipal commissioner
In the executive committee meeting about half dozen proposals were put before the committee for consideration mostly related to constructions of drains and roads. However, the most important proposals pertained to metro funding and issuing bonds added the officer.
Earlier the executive committee has decided to ask the Ghaziabad Development Authority (GDA) to pay its share in lieu of its land given for infrastructure facilities. However, majority view was to issue bonds on the lines of the financial companies, Commissioner added.