MIRPUR (AJK) - Ninety nine (99) percent construction work of Rs 101 billion project for raising of countrys second largest reservoir - the Mangla dam, has so far been completed and formal opening of project will be performed soon after the completion of the resettlement of population, official sources said. General Manager WAPDA Mangla project Khan Abdul Rasheed Bangish told Thursday that New Mirpur city and four small towns located at different places in Mirpur district will be ready by December this year as the development works in all these new residential resorts, exclusively for affectees housing, was in full swing. Mangla Dam is being raised by 40 feet from the existing level of 1202 feet, the GM said. He said that the existing raising target to the conservational level of 1242 feet could further be enhanced up to the level of 1264 feet in the future but under a phased programme subject to the approval by the future expertise. He said that WAPDA has planned to raise the water level by 1210 feet this year soon after completion of first phase of resettlement of the Mangla Dam affectees residing in the area of the dam falling at the level of 1210 feet at the periphery of the dam. He disclosed that existing Mangla Dam has the age of 200 years. Bangish continued that total allocated Rs 101.384 billion of the entire project of national vital importance, Rs 22.2 billion were placed for raising of the dam. He said that because of the excellent strategy for utilisation of the allocated amount to the volume of minimum possible tune, only Rs 15 billion were spent for raising of the project. The GM said that Rs 64 billion have been placed for resettlement of over 50,000 affectees of the raising project. Of these funds, Rs 40.5 billion have been placed for compensation of the built up property of the affectees. He said that Rs 11 billion have been earmarked for resettlement and rehabilitation of the affected population at new locations including new Mirpur garden city and four small towns one each at Islamgarh, Siakh, Chakswari and Dadayal. Bangish said that Rs 10 billion wer placed for the development of the above mentioned new residential sites. Whereas Rs 2b have so far been allocated for the old Mangla dam affectees including the Jammu Kashmir refugees. He disclosed that 70pc construction work at new residential locations has so far been completed and entire development work, underway by reputed Chinese construction companies was set to be completed by the end of this year, he added.