PANAJI
The Economic Development Corporation (EDC) is set to develop a commercial hub (Patto Phase II) near the Merces Junction along the lines of the EDC Patto at Panaji and has begun the process to acquire 2 lakh sq. mtrs comunidade land.
"Like the EDC Patto which has been developed for corporate offices and hotels, Patto Phase II will be set up along the Panaji-Old Goa bypass near the Merces Junction,” said EDC Chairman Sadanand Shet Tanavade during a news conference on Thursday.
“Of the 5 lakh sq. mtrs of available comunidade land, around 2 lakh sq. mtrs will be acquired and utilised for development to set up hotels and corporate offices. This will generate employment.”
“The process to acquire comunidade land is going on and EDC will pay the amount to the tenants and comunidade,” Tanavade said.
The EDC Patto Phase I complex has been a successful project, with most plots having been developed, with the exception of 3 plots which are undeveloped due to disputes.
The 46th annual general meeting of EDC took place on Thursday and the EDC has generated a Rs 67 crore profit in 2021.
Tanavade informed media persons that EDC has handed over a cheque for Rs 1 crore to the CM Relief Fund.
“Besides, CSR fund of Rs 1.3 crore was given to around 30 institutes. As per rules, a maximum of Rs 5 lakh has been given by EDC to an institution under CSR funds. In various schools, equipment for science laboratories were provided under CSR funds,” said Tanavade.
He informed that EDC had also paid Rs 13 crore to the government as interest to the acquisition fund with the EDC.
“The EDC will give Rs 86 lakh as dividend for the last one year,” Tanavade said.
"We have paid Rs 12 crore as income tax and we will make a profit of over Rs 50 crore.”
The EDC chairman said around 7,000-plus people had taken benefit of CMRY loan scheme and around Rs 220 crore have been sanctioned.
“However, the CMRY default rate is high and around 20 percent of youth who have availed the loan are defaulters. Youth enter into businesses without due consideration and then, it becomes difficult for them to repay the loan,” said Tanavade.
