India, April 2 -- The Ghaziabad Development Authority (GDA) has fully settled its two major loans of Rs.1,500 crore in financial year (FY) 2024-25, procured to construct Hindon elevated road and also for paying up hiked compensation to farmers of its Madhuban Bapudham housing scheme.

Officials said the authority during 2016-2020 procured a loan of Rs.700 crore from the NCR planning board to construct the elevated road and procured another loan of Rs.800 crore from a bank in 2018-19 to pay up hiked compensation to farmers (having land holdings of 281 acres) whose land was taken up for Madhuban Bapudham housing scheme.

The hiked amount was to be paid following the Supreme Court's directions in November, 2016.

"As a result of these two ma...