Cash-strapped MCD asks private banks for loan to relay city roads | delhi | Hindustan Times
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Cash-strapped MCD asks private banks for loan to relay city roads

delhi Updated: Jul 18, 2011 01:38 IST
Neelam Pandey

While a major portion of the city's roads were strengthened and improved for the Commonwealth Games, a sizeable number of roads were left out since they weren't near the games venues.

The Municipal Corporation of Delhi (MCD) has finally woken up from its stupor and has decided to carry out dense carpeting of some of the roads that were left out during the Games. Nearly 116 roads across the city will be improved.

Ironically, at time when they have decided to do this, they find their treasury empty. To overcome this, the civic agency has got in touch with private banks to acquire the necessary funds.

But so far, it is yet to get the loan sanctioned. According to sources, it is quite likely that due to lack of funds these roads might not be strengthened and the bumpy rides for the motorists will continue.

"We need Rs 687.88 crore to carry out improvement on 116 stretches, but we don't have funds of our own. We had first got in touch with the Central government to fund the project but that didn't materialise. We have now spoken to a number of private banks and things should materialise soon," said Yogender Chandolia, chairman of the Standing Committee of the MCD.

According to officials a final report in this regard is being prepared which will be tabled in the Standing Committee of the MCD. Ducting will also be carried out on the stretches that will be strengthened apart from improving the drainage facility.

"I have asked the commissioner to submit a report and inform the Standing Committee on how the funds are being arranged," added Chandolia.

The roads which have to be relaid are in areas such as Dwarka, Karol Bagh, Mukherjee Nagar, Rohini, Rajouri Garden, Punjabi Bagh, Model Town among others.

MCD officials said that out of Rs 687.88 crore they have only Rs 13 crore presently under which work has started some roads.

"Work has started on three roads using our own funds, but for the rest we will need more money. We will repay them as we are hoping to increase our revenue through collection of property tax and parking lots," said a senior MCD official.