NEW DELHI: North Delhi Municipal Corporation has decided to lease out C-Block of Civic Centre to the income-tax department at Rs 7.6 crore per month for a period of 30 years. The move assumes significance as it comes just ahead of the 2017 municipal polls. It is expected to ensure that certain development projects that have been stuck for years can now be completed.
Parvesh Wahi, standing committee chairman of north corporation, told TOI, “Several proposals were made earlier to sell the property, but were scrapped.” Considering the funds crunch, Wahi said, this move would help the corporation start work on long-pending development projects.
“From December, the civic body will start getting its rent from the property. Every year, we will collect around Rs 100 crore, which is in addition to other internal sources of revenue,” he said. Last year, the north civic body had planned to lease the property to World Health Organization (WHO), but Wahi said that if the proposal had been approved then, the north corporation would have faced huge losses.”
Every year the rent of the property will increase by 7%, Wahi explained. “This was a much-needed move for smooth functioning of the corporation. Many of our projects were left incomplete because of lack of funds,” he said.
Credits ET Realty