Pune Cantonment Board seeks Defence Ministry nod to monetise three properties
The Pune Cantonment Board's monthly revenue is under ₹2 crore against a need of nearly ₹12 crore.
IllustrationThe Pune Cantonment Board has asked the Ministry of Defence for statutory approval to develop three prime properties in Koregaon Park, Dhobighat and MG Road for commercial use under the Public-Private Partnership (PPP) model, as it tries to tackle its growing financial crisis.
The properties are 5.43 acres of unused land in Koregaon Park, 1.5 acres in Dhobighat, and around 8,000–10,000 sq. ft. on MG Road, including an old court property.
The board needs nearly ₹12 crore every month for salary, pension and essential expenses, but its monthly revenue is less than ₹2 crore. It currently depends on grants from the Ministry of Defence to manage routine expenses, and received ₹25 crore in financial assistance from the ministry a few months ago.
The financial crunch has also affected basic civic services, with residents regularly raising complaints about civic issues.
Further action will be taken only after the ministry grants permission. According to the Executive Engineer, the proposal is awaiting the ministry’s approval.
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