The Hindu Business Line : Hudco to get Marine Drive land

As part of this programme, it would hand over two acres to Hudco to clear its outstanding loan with the Housing and Urban Development Corporation. It is also to hand over one acre of land to the Cochin Corporation for its developmental projects, according to official sources.

All the formalities for calling tenders for the sale are complete and it would be floated in a week, the GCDA Chairman, Mr Antony Isaac, said.

About 18 acres on the Marine Drive is owned by the GCDA and it was decided earlier to sell off 14 acres. However, it would now sell six acres to liquidate the loan liabilities, he said. The rest would be sold as "clearly demarcated plots".

The GCDA has a loan liability of Rs 46 crore with interest to the Syndicate Bank, apart from Rs 12.85 crore to the Hudco. The authority, as a result, has to dole out Rs 1.5 crore towards quarterly interest, he said.

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