Venkaiah hands over Rs 330 cr surplus fund to FM

Making a "good beginning", Urban Development Ministry today gave a cheque of over Rs 330 crores, a surplus fund, to Finance Ministry.
The money was saved after completion of redevelopment of the new Moti Bagh project in the capital by the NBCC, executing agency for the project at an estimated cost of Rs 524 crore.
"We are happy that NBCC under Urban Development Ministry could save Rs 330 crore which is a surplus fund. This has been handed over to Finance Minister Arun Jaitley today," Urban Development Minister Venkaiah Naidu said after handing over the cheque.
The amount of Rs 330.44 crore will be deposited in the Consolidated Fund of India.

Naidu further said, "A good tradition and a good beginning has been made. Finance Minister is also happy as this is a step in the right direction."
The New Moti Bagh project was developed on a novel concept of commercially utilising 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 in Type VI and higher category houses.

Only three acres of land was commercially utilised as a source to finance the project. NBCC auctioned 3 acre plot on free hold basis to Leela Hotel for Rs 611 crore.

The project consists of 492 General Pool Residential Accommodations (14-Type VIII, 102 Type VII and 376 Type VI), 500 houses for economic weaker section (EWS) category and 90 residential houses for NDMC. The project was completed at the cost of Rs 524 crores.
The complex has play school, shopping complex, milk booths, parking lot, recreational and community centre.