Greater Noida’s annual budget will remain unaffected despite Covid-19 pandemic: CEO
The authority’s chief executive officer (CEO) said that the civic body’s finances were stretched due to the Covid-19 pandemic, but the annual budget will not be hit.Updated: Aug 03, 2020 12:39 IST
The Greater Noida authority is likely to organise a board meeting on August 4 to approve important proposals that may include the annual budget, housing projects and water meters scheme.
The authority’s chief executive officer (CEO) said that the civic body’s finances were stretched due to the Covid-19 pandemic, but the annual budget will not be hit.
“Our budget remains in the range of ₹1,500 crore to ₹2,000 crore every year for past couple of years. And it will remain almost the same this year. However, our revenue has dropped drastically upto 70% since April,” said Narendra Bhooshan, the CEO.
Between April and June the authority had expected to collect ₹200 crore in revenue, but ended up with only ₹80 crore, with nil in April. The authority had spent ₹180 crore in the last four months.
The authority hoped that the earnings would improve as and when the market are opened completely, said officials. That, however, may have to wait longer as the threat of Covid-19 is still high.
The authority is also likely to discuss the interest rate issue related with the developers in the board meeting. The Supreme Court on July 10 had directed the Greater Noida and Noida authorities to charge only 8.5% interest rate on housing land thereby impacting the financial conditions of two industrial bodies.
“The board will take appropriate decision as per rules,” said Bhooshan.