The decision was taken by Chief Minister Parkash Singh Badal during a high level meeting with vice chancellors of universities, principals of government colleges and senior officers of higher education here, officials said.
Of the total Rs 88 crore, Rs 46 crore would be spent in the current fiscal on strengthening and upgrading of the colleges' infrastructure.
The balance amount had been earmarked for execution of alteration and additional civil works to be undertaken during the financial year 2014-15.