KOCHI: The multimedia laser show at Rajendra Maidan and the cage fish farming at Rameshwaram have eaten into the resources of the Greater Cochin Development Authority (GCDA), while the controversial land deals have caused heavy loss, according to a white paper released by the authority on Monday.
During the tenure of the previous administration, the GCDA suffered heavy loss in land deals. Nearly 10 plots were sold for a song by the authority in 2013-15. Since the agency has no panel to ascertain the market value of its holdings, several of them were sold at cheap rate, said the report, which was released by GCDA Chairman C.N. Mohanan.
The State audit wing has highlighted a land deal in which a holding was sold at ₹4.80 lakh, though the market value of the land was around ₹30 lakh a cent, the report said.
While the authority annually collects around ₹7 crore as rent, another ₹2 crore remains as due. The assets of the agency are valued at ₹809.46 crore.
The authority had set up the laser show by spending ₹4.09 crore, which was withdrawn from its fixed deposit. The return from the project was just ₹2.9 lakh in the past two years, though the projected income was ₹3.60 lakh, it said. Meanwhile, Mr. Mohanan said a team of experts would decide on the feasibility of the project.
The authority could earn only ₹4.75 lakh from the cage fish farming at Rameshwaram, though ₹4.6 crore was spent on the project.
A large number of shops leased out by the authority have been sublet, which amounts to violation of lease conditions. The agency owns a total of 1001 shops, kiosks, and bunk shops. Much attention has not been paid to check the subletting of shops, leading to huge revenue loss, the report said.
The authority has a fixed deposit of ₹98 crore. There is another ₹62 crore in the form of pension fund. Even though the State government has instructed 21 village panchayats, nine municipalities, and the Kochi Corporation, which come under the jurisdiction of the authority to pay centage, none has paid a penny. Since 2000, ₹40 crore is due on this account, Mr. Mohanan pointed out.
The Chairman claimed that the agency had commenced a drive to retrieve its holdings that were illegally occupied by others.
