By Accommodation Times Bureau
The Noida Development Authority (NDA) has recently sent a notice to Agra Development Authority (ADA) to repay an outstanding loan of over Rs 70 crore and has asked ADA authorities that if it fails to repay money the authority will mortgage land.
ADA had previously borrowed a loan during first-phase construction of the 10.9 km inner ring road through the city.
The inner ring road will be completed in three phase and will connect National Highway 2 and the Agra-Noida Yamuna expressway with the Gwalior road.
A loan of Rs 100 crore was taken from NDA on September 2, 2013 at an interest rate of 9 percent per annum to start the ring road project, the official sources said.
So far, ADA has paid Rs 55 crore to NDA.