Ludhiana, April 3 -- The Greater Mohali Area Development Authority (GMADA) has raised a Rs.2,500 crore loan from various development authorities across Punjab, citing the need to fund ongoing development projects and land acquisitions. An official communication issued on Wednesday directed multiple authorities, including the Greater Ludhiana Area Development Authority (GLADA), Jalandhar Development Authority, Amritsar Development Authority, Patiala Development Authority and the Punjab Urban Planning and Development Authority (PUDA), to transfer funds by 2 pm on Thursday. According to a document, a copy of which is with HT, GLADA alone is contributing Rs.1,000 crore, largely from its fixed deposits, while other authorities have also been asked to transfer certain amounts. GMADA is using Rs.450 crore from its own reserves, while Rs.300 crore is from Jalandhar Development Authority, Rs.250 crore from Patiala Development Authority, Rs.200 crore from Bathinda Development Authority, Rs.150 crore from Amritsar Development Authority and Rs.150 crore from PUDA. GMADA official, privy to the development, said the loan will be paid back with interest within the stipulated time and the funds will be utilised for ongoing projects, including multiple blocks of Aerotropolis, Eco City-3, and land acquisition for Aerotropolis Extension, besides key sectors such as 87 and 103. Officials said these projects require immediate financial backing to maintain pace and avoid delays. "This is a structured loan arrangement for a period of three years. The authorities will be paid 7% interest, comparable to their fixed deposit returns. The funds will be used for development works and land acquisition and will be repaid within the stipulated time," a senior GMADA official said, requesting anonymity. The official further added that the funds are being taken as a loan with assured returns, and there will be no financial loss to the contributing authorities. "The ongoing works in other cities will not be affected. The arrangement also provides flexibility to the other development authorities to take back their funds in case of any requirement during this period," he added. Despite repeated attempts, Ojasvi Alankar, the officiating chief administrator GLADA, was not available for comment....