Vijayawada: In a major relief to the housing beneficiaries of AP Township and Infrastructure Development Corporation (APTIDCO) who were allotted 365 sq ft and 430 sq ft TIDCO houses, the state govt has accorded permission to APTIDCO to utilise Rs 140 crore from its available funds to clear outstanding dues towards EMIs and NPAs on loans taken by beneficiaries from various banks.
This applies to houses that have not yet been completed. Principal secretary of municipal administration and urban development, S Suresh Kumar, issued a government order (GO) RT No. 153 to this effect.
Speaking to TOI, APTIDCO chairman Vemulapati Ajay Kumar alleged that the previous YSRCP govt took loans in the name of TIDCO beneficiaries and diverted them for other purposes. “The previous govt took loans from banks in the name of around 40,000 TIDCO beneficiaries, misused the funds, and failed to pay contractors for the various works executed in TIDCO colonies,” Ajay Kumar said.
He further stated that due to the diversion of loans and non-payment of EMI dues, there is an impending threat of banks declaring the beneficiaries’ loan accounts as NPAs, along with TIDCO being labeled a defaulter.
“If TIDCO is declared a defaulter, the govt will have no scope to raise loans for TIDCO housing projects. Loan assistance from banks is crucial for completing pending infrastructure works and handing over the houses to beneficiaries,” he said.
Upon the payment of Rs 140 crore in interest and EMI dues, the chairman revealed that the govt aims to raise around Rs 450 crore in loans by March 31. “The funds will be utilised to clear outstanding dues left by the previous govt, settle payments to contractors, invite them to resume work, and complete the pending projects to hand over the houses at the earliest,” he said.
