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Revised budget estimates: 2022-23 | GMADA earmarks ₹1,500 cr for land acquisition
The revised budget estimates for the year 2022-23 stand at ₹5,200-crore, a 30% jump from 2021-2022 when it was ₹4,000-crore. While the authority plans to spend ₹2,800 crore, it expects to see an inflow of ₹2,376 crore.
The Greater Mohali Area Development Authority (GMADA) has earmarked ₹1,500 crore for land acquisition and enhanced compensation, for the year 2022-23.
GMADA chief administrator Amandeep Bansal said this will be spent on acquisition of land for Eco City 1, 2, IT City, and Aerotropolis (an extension of Aerocity) projects of the Authority.
The revised budget estimates for the year 2022-23 stand at ₹5,200-crore, a 30% jump from 2021-2022 when it was ₹4,000-crore.
While the authority plans to spend ₹2,800 crore, it expects to see an inflow of ₹2,376 crore.
The development authority is anticipating a ₹500 crore increase in revenue receipts ---- from ₹1,768 crore last financial year to ₹2,367 crore this fiscal. There is also a new revenue head of around ₹250 crore from the recovery of additional price.
GMADA has planned a capital expenditure of ₹2,144 crore over ₹1,582 crore in the last fiscal, a jump of around 35%. Meanwhile, revenue expenditure will drop to ₹347 crore from ₹352 crore in the previous fiscal.
The development authority has also projected funds to be transferred to it from the Punjab government as external development charges (EDC) to nearly double to ₹344 crore from ₹180 crore in 2021-22.
Notably, GMADA will pay ₹270 crore on loans and will spend ₹358 crore on development works in Urban Estates.
GMADA also expects ₹196 crore to come in through construction fee, transfer fee, compounding fee, and rent. It has also set aside ₹347 crore for revenue expenditure.
