The new bus stand site near Januganj Circle in Balasore. Telegraph picture

Balasore, July 15 : The work on the new bus terminus is likely to be delayed, as the Balasore Regional Improvement Trust, which is executing the project, is hit by financial crunch.

Although the trust has taken possession of the land, leased out by the revenue department with a premium of Rs 5.4 crore, it has been unable to go ahead with the construction for which an estimated Rs 9 crore is required.

While the trust had constructed a boundary wall around the site for Rs 10 lakh, it was waiting for funds from the government to take up the construction, said an official.

“We currently run out of funds to undertake the project as the arrear amount on account of stamp duty hike to the tune of Rs 11 crore expected since the past three years is yet to be received,” said former chairman of the trust Gouri Kumar Rout.

The body gets a share of 2 per cent out of 5 per cent of land value collected towards stamp duty for land registration.

“Since past three years we have been waiting for the arrear amount. The bus terminus project may get delayed because of funds crunch,” said Rout.

“We expect a portion of the pending amount in the current fiscal year. After receipt of funds, we will float a tender,” said an official.

“We have already leased out the land for a period of 99 years to the trust a few months ago,” said local tehsildar Manas Padhi.

“The earmarked land measuring around eight acres under Ganeswarpur mouza is now under the possession of the trust,” he said.

The foundation stone for the bus terminus near Januganj Circle was laid in January 2010, by chief minister Naveen Patnaik.

The terminal to be constructed over eight acres will accommodate around 140 buses, apart from extending several other modern facilities. The blueprint and designs have been ready.