According to Nyooz.com, the Calicut City Service Cooperative Bank and the Kerala Land Reforms and Development Cooperative Society have urged the State Planning Board to finance major projects in the State using an annuity scheme.
The scheme involves the cooperative banks forming a consortium and pooling funds to acquire land or put in funds for development projects such as roads, bridges, and hospitals of the State government.
This will help acquire land in the market value, disbursement of funds in full and minimal resistance from locals. Friendly land acquisition and immediate availability of land would help in the speedy implementation of the project.
It will be a win-win situation for all. Approximately Rs.1, 25,00, 000 crore was lying in deposits in various cooperative banks in the state as unutilized, a bank functionary is quoted as claiming.
Almost 30,000 cooperative societies existed in the state of which 3,500 are cooperative banks. An annuity scheme in land acquisition would help cooperative banks use these unutilized deposits. Besides, studies related to the land market have revealed the upswing in the prices of land in the state.
A direct and important relationship existed between the increased flow of gulf money and the buoyancy observed in the land market, the online news outlet says in its report.