Finally, the Municipal Corporation has completed all the formalities to obtain Rs 200-crore HUDCO loan. For this, the MC has submitted the papers of a seven-acre land located in Sunet area which it intends to mortgage.

According to the MC authorities, the value of this land is more than double the amount of loan applied for. Today a team of officials from Housing Urban Development Corporation (HUDCO) had a meeting with additional commissioner KP Brar and the papers of the land to be mortgaged were submitted to the officials.

Confirming the same, Brar said, “We have asked the officials if they need anymore documents, they should let us know. If everything goes fine, we will be getting loan within one month and this can be used for various developmental works in the city.”

Meanwhile, it needs to be mentioned that it is for the first time that MC will be mortgaging any property to get loan. Initially the move had invited wide-spread protests, but now the matter seems to have settled down. The cash-strapped MC has no funds to start many projects in the city and hence they had no choice but to chose this option.

Demolition drive
An anti-encroachment drive was carried out in Kidwai Nagar on Monday, in which one room constructed in a green belt was demolished. The Tehbazari team also removed temporary encroachments from Aggar Nagar and other areas falling under MC Zone-A office.