Cochin development body’s housing project faces financial hurdle
Greater Cochin Development Authority’s (GCDA) Mundamveli housing project, aimed at the rehabilitation of P&T Colony residents, is facing financial hurdles in the initial stage itself.
The test report of the soil at the work-site found that piling work depth would have to deepened to 50m instead of 15m to ensure a strong foundation.
According to officials, the cost of the foundation work itself may exceed Rs 50 lakh and it will be a challenge for GCDA to complete the project, which is already on a tight budget.
The proposed housing complex of 88 apartment units in two blocks on 70 cents of GCDA land at Mundamveli is funded by the state government under Livelihood Inclusion and Financial Empowerment (LIFE) Mission scheme and earlier there were reports that the fund allotted would not be sufficient.