New Delhi [India], March 8 (ANI): Prime Minister Narendra Modi on Sunday inaugurated and laid the foundation stone of multiple development projects worth around Rs 33,500 crore in the national capital. He was also felicitated during the event.

Earlier in the day, the Prime Minister visited the GPRA Type-5 quarters in Sarojini Nagar and handed over keys to women allottees.

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The Government of India is redeveloping seven ageing government housing colonies in Delhi through an innovative self-financing model that requires no funding from the public exchequer.

The project covers Sarojini Nagar, Netaji Nagar, Nauroji Nagar, Kasturba Nagar, Thyagraj Nagar, Sriniwaspuri and Mohammadpur, spread across about 537 acres.

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Many of the existing quarters in these colonies had become old and structurally unsafe, with nearly 40 per cent declared uninhabitable. The redevelopment project aims to address the shortage of more than 20,000 houses for central government employees by replacing the old low-rise buildings with modern high-rise residential complexes.

Once completed, the project will provide more than 21,000 new residential units along with upgraded infrastructure and public facilities.

According to officials, the redevelopment is being carried out under a self-financing model that does not require funds from the public exchequer. Around 69.41 acres -- about 12.9 per cent of the total project area -- will be monetised for commercial and residential use to finance the redevelopment.

The revenue from this limited land monetisation is expected to generate over Rs 35,100 crore, which will cover the estimated redevelopment cost of around Rs 32,800 crore.

This means the entire project will be completed without burdening the government budget, while also having the potential to generate a surplus of more than Rs 2,300 crore for the government. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)