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UP housing board to levy cess for Ghaziabad metro funds

The UP housing and development board is planning to impose a cess on anyone purchasing a flat or plot in its areas in Ghaziabad to raise funds for the third phase of a metro project. A proposal has been mooted by the board after a letter from the UP chief secretary directed stakeholders to carve out their “areas of influence” and gave them to liberty to impose a cess to raise funds. The third phase envisages extension of two metro corridors — Vaishali to Mohan Nagar and Sector 62 (Electronics City Noida) to Sahibabad. Sources in the board said a panel had been formed to formulate the proposal. “It won’t be feasible to disclose anything about our funding proposal, whatsoever, at this point of time. Several models are being considered,” housing board commissioner Dheeraj Sahu said. The total cost of the project has been pegged at Rs 3,711 crore.

Source : ET Realty