India, April 14 -- The Noida authority has decided to set up a dedicated corpus fund to be spent over the municipal works of the city.

The step came as the finance department realised that if such a fund is not earmarked, it can become challenging to run the authority when there will be limited sources of income or revenue collection, said officials aware of the development.

The Noida authority spends Rs.1,500 crore annually on maintenance and operations of the municipal works, and fetches its revenue by selling properties or lease rent collection.

"We have prepared a proposal about the dedicated corpus fund that was approved by the Noida authority chief executive officer and later also approved by the Noida board for implementation. T...