M. Venkaiah Naidu, Union Minister of Urban Development and HUPA today handed over a cheque of Rs. 330.61 crore to Arun Jaitley, Union Finance Minister in New Delhi today. A surplus to the tune of 330.61 crore has been generated from the redevelopment of Netaji Nagar (Pt) and Moti Bagh (East) project in New Delhi. This amount will be deposited in the Consolidated Fund of India. The New Moti Bagh project was developed on a novel concept of commercially utilizing a small part of the Government land to generate resources to finance the housing project to mitigate the acute shortage of General Pool Residential Accommodation.
The Project consists of 492 General Pool Residential Accommodations (14-Type VIII, 102 Type VII and 376 Type VI), 500 EWS houses and 90 residential houses for NDMC and completed at the cost of Rs 524 crores. Only three acres of land was commercially utilized as a source to finance the project. Senior officials of the Ministry of Urban Development including Dr. Sudhir Krishna, Secretary, Urban Development were also present. The project was completed in phases from March, 2009 to March, 2012. The Project is first residential complex certified by IGBC as silver rated green complex.