Gorakhpur to raise Rs 80 crore through municipal bonds for landmark mixed-use complex

Gorakhpur: In a major boost to the city’s urban and commercial infrastructure, the UP cabinet, chaired by chief minister Yogi Adityanath, has approved a proposal allowing the Gorakhpur Municipal Corporation (GMC) to raise Rs 80 crore through municipal bonds, officials said.The funds will be utilised for the construction of a modern multi-storey commercial-cum-residential complex at the Jal Kal campus in Golghar, one of the city’s prime locations. The ambitious project, estimated to cost around Rs 211 crore, is expected to transform the area into a major commercial hub while creating new employment opportunities.Mayor Manglesh Srivastava thanked the CM for approving the proposal and said work on the project would begin at the earliest. He said the complex would strengthen business activity in the city and contributesignificantly to local economic growth.Municipal commissioner Ajay Jain said the initiative reflects the improving financial strength and transparency of urban local bodies in UP. He added that revenue generated from the project would provide a sustainable income source for the municipal corporation and support future investments in water supply, sanitation and other civic infrastructure. Officials said the proposed complex will accommodate existing Jal Kal market traders, corporate offices and studio apartments. The municipal bond issue will be undertaken in compliance with the Securities and Exchange Board of India’s Municipal Debt Securities Regulations, 2015. The state govt also provides an incentive grant of Rs 13 crore for every Rs 100 crore raised through municipal bonds.