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Aurangabad Municipal Corporation to raise loans for funding drainage project
The Aurangabad Municipal Corporation is looking out to secure a bank loan to fund a drainage project although it will have to mortgage some of its properties to secure the loan.

The civic body is in need of Rs. 98 crore to complete its up-gradation of its drainage system. Many contractors have suspended the work scheduled as the body has been delaying payments of their bills. They have been assured of part payment after which many contractors resumed their work.

The body is planning to mortgage some of their properties at prime locations a security for the loan from financial institutions. The cost has increased due to additional work such as construction of secondary and tertiary drainage lines apart from other modifications. The earlier estimation of the project was fixed at Rs. 365 crore.

The civic body has earlier planned mortgaged its prime location properties in 2014 when it launched the public – private partnership model water distribution project. Faced by backlash over mortgaging land of the Shivaji Maharaj museum, they had to drop the idea. It remains to be seen what properties the body will mortgage as properties with clear titles is not in abundance.
Posted on: 2017-05-29 12:24:12





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