Ghaziabad: The Ghaziabad Development Authority (GDA) has managed to entirely clear its longstanding debt burden through efficient planning and investment policies. Officials said that the authority, previously encumbered with a Rs 1,500 crore loan for years, has now achieved debt-free status, marking a momentous accomplishment.
According to officials, the authority procured a Rs 700 crore loan from the NCR Planning Board between 2016 to 2020 and Rs 800 crore from Indian Bank for Madhuban Bapudham Yojna during 2018-19. “This indebtedness necessitated substantial interest payments from GDA’s revenue. However, exhibiting exceptional performance in fiscal year 2024-25, Ghaziabad Development Authority generated revenue of approximately Rs 1,600 crore, surpassing the established target of Rs 1,294 crore,” a senior GDA officer said. Among the high revenue generating schemes are the Harnandipuram Yojana under the Chief Minister Urban Extension Scheme that contributed Rs 400 crore. “The Master Plan and Maps Section generated Rs 450 crore, representing a 40 per cent increase from the previous year. Property sales yielded Rs 350 crore, likewise showing a 40 per cent increment. Mitigation fees accumulated approximately Rs 390 crore,” the officer explained.
GDA has initiated land acquisition for the Harnandipuram Scheme. The committee, chaired by Ghaziabad’s District Magistrate, has established land procurement rates at four times the respective circle rate.
These substantial financial improvements enabled GDA to fully discharge the Madhuban Bapudham loan of Rs 800 crore. Additionally, an FDR of Rs 300 crore has been deposited to secure the remaining Rs 165 crore, fulfilling all
obligations against the NCR Planning Board loan of Rs 700 crore, said officials.
The GDA has proposed a Rs 3,000 crore budget for the forthcoming fiscal year, allocating Rs 1,800 crore towards capital expenditure with key infrastructure enhancement initiatives underway. These includes, Rajnagar Extension features four major roads under construction, valued at Rs 60 crore, Railway Overbridge construction continues at Madhuban Bapudham, Indirapuram’s development plans include Sanskrit Darshan Park and Green Wood Park, budgeted at Rs 15 crore and a Ramayana-themed park is planned within the Koyal Enclave scheme.