Delhi University to Set Up East Delhi Campus with INR 930 Crore HEFA Loan; Check Details Here

New Delhi: Delhi University is all set to establish its East Delhi Campus, utilising funds from a sanctioned loan corpus of INR 930 crore through the Higher Education Financing Agency, as confirmed by the University's Vice-Chancellor, Yogesh Singh. 

The HEFA loan request of INR 930 crore has been sanctioned for various development initiatives, including the development of the East Delhi campus of Delhi University. It is expected to be completed within a span of two years from the commencement of construction. 

The Higher Education Financing Agency (HEFA) operates as a collaborative entity between Canara Bank and the Ministry of Education. HEFA is dedicated to offering financial support for the establishment of educational infrastructure and research facilities within India's leading educational institutions.

With the sanctioned loan, the construction of an academic edifice at Surajmal Vihar, slated to serve as the university's East Campus, is set to commence in the next three to six months, requiring an investment of INR 120 crore, as per the official.

This academic institution, which currently operates with two campuses, North and South, had previously announced expansion initiatives. The proposed expansion includes the establishment of East and West campuses to introduce additional courses and establish a law center. 

Following a meeting with the Higher Education Financing Agency (HEFA), DU's financial office declared the submission of a Detailed Project Report (DPR) to initiate the development of the new campus.

Another official stated that upon the approval of the Detailed Project Report (DPR), a Memorandum of Understanding (MoU) is set to be inked between HEFA and the university, signalling the release of the funds. 

The finance office of DU will draft a Detailed Project Report (DPR) as a basis for the funds' disbursement for specific projects. Upon bill submission directly to the vendor, the amount will be allocated for individual projects.

Delhi University is scheduled to commence the construction of academic edifices in Najafgarh and Dwarka, estimated at INR 100 crore and INR 95 crore, respectively. Additionally, multiple academic blocks at Delhi School of Economics, costing INR 201 crore, are on the agenda. 

Furthermore, plans for a student studio apartment in Dhaka, northwest Delhi at a cost of INR 161 crore are also in progress. The sum of INR 195.62 crore from the loan will be allocated for the construction of the Faculty of Technology building, a project already underway and anticipated to conclude by October 2024. 

Delhi University had submitted a proposal to the Centre, seeking funding for the East campus construction. Regarding the HEFA loan repayment, the university will disburse the loan in 20 half-yearly instalments. DU will cover 10 percent of the interest, with the remaining interest to be covered by the Centre over a decade. 

When questioned about the university's means to generate funds for its share of the loan, Singh mentioned the university's ample reserves to fulfil the repayment requirements, stating that the university has sufficient funds to meet the 10 percent instalment. 

A series of development projects within Delhi University are in progress, with one project already underway and the remaining set to be accomplished within a 24-month timeframe, DU confirmed. 

Other initiatives are slated to commence within the subsequent six months. However, the funds required for these development projects' tax payments will be disbursed to Delhi University, as per the official statement. 

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