The authorities under the Housing Department deposited Rs 6,400 crore with the state treasury under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (RFCTLARR) Act, 2013. Of this, the Greater Mohali Area Development Authority (GMADA) deposited Rs 6,210 crore.In an affidavit filed before the Punjab and Haryana High Court in a case concerning the proposed borrowing, the GMADA’s Chief Administrator stated that the authority has taken up 14 development projects, requiring Rs 17,686 crore for land acquisition and development works on the identified land parcels.Justifying the borrowing, the GMADA officials cited Section 51 of the Punjab Regional and Town Planning and Development Act, 1955, which empowers the authority to raise money through loans, debentures or bonds.However, the proposal comes against the backdrop of substantial sums already deposited by development authorities with the state treasury under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (RFCTLARR) Act, 2013.The proposed fundraising has also drawn attention to the fee payable to Gujarat-based merchant banker Tipsons Consultancy Services Private Limited. The company is to receive an arranger fee of Rs 191.16 crore for raising Rs 15,000 crore, translating into a success fee of 1.27 per cent of the funds raised.Defending the fee, the GMADA officials cited other state entities, including the Hyderabad Metropolitan Development Authority, Andhra Pradesh Mineral Development Corporation and Kerala Infrastructure Investment Fund Board, which have raised funds for infrastructure development through bonds.