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Investment of Rs 1,91,155 cr proposed by 90 Smart Cities

Investment of Rs 1,91,155 cr proposed by 90 Smart Cities

New Delhi, Jan 1 (UNI) A total investment of Rs 1,91,155 crore has been proposed by the 90 cities under their smart city plans, Minister of State (I/C) for Housing and Urban Affairs Hardeep Puri has said.

Projects focusing on revamping an identified area (Area Based Projects) are estimated to cost Rs 1,52,500 crore, Mr Puri said while addressing the Parliamentary consultative committee meeting attached to the Ministry of Housing and Urban Affairs here last Thursday.

Smart initiatives across the city (Pan City Initiatives) account for the remaining Rs 36,655 crore of investments .

An amount of Rs 1,998.49 crore has been kept aside for O&M cost of the Mission and other contingencies.

“The implementation of the Smart Cities Mission is done by a Special Purpose Vehicle (SPV) to be set up at city level in the form of a limited company under the Companies Act, 2013 and are promoted by the State/UT and the Urban Local Body(ULB) jointly both having 50:50 equity shareholding.

After selection, each selected Smart City has to set up SPVs and start implementation of their Smart City Proposal, preparation of Detailed Project Reports (DPRs), tenders etc. The SPV will convert the Smart City Proposal into projects through Project Management Consultants(PMCs) and implementation thereafter.

So far 77 Smart Cities (including 11 of the Round 3 cities) have established their SPVs, he further informed.

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