Tuesday, 8 December 2015

Expat NewsBurst: Cidco launches Navi Mumbai smart city project

Maharashtra will have its first smart city spread across 120 sq km in Navi Mumbai by 2019. The state-run City and Industrial Development Corporation (CIDCO) on Friday launched the Navi Mumbai (south) smart city project with an initial outlay of Rs 2,033 crore. Ten 10 smart city projects, including Navi Mumbai, have been proposed in the state.

Besides Cidco, a nodal agency for the proposed Navi Mumbai International Airport, has proposed an investment of about Rs 32,744 crore for the construction of affordable housing, construction of metro rail, development of port city, and provision of basic infrastructure. The total investment for Navi Mumbai (south) Smart City and other projects is Rs 34,777 crore.

Cidco vice-chairman and managing director Sanjay Bhatia told Business Standard: “The Navi Mumbai (south) smart city and other projects will be totally financed by Cidco and it won’t need funds from the state government. These projects will be completed by 2019. Cidco has deposits worth Rs 7,000 crore and huge land parcels. When required, Cidco will sell part of these plots and proceeds will be utilised to complete the projects.”

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Source: Business Standard

Expat NewsBurst: Farmers pool in 9,000 acres to develop smart city near Mumbai

Farmers in the outskirts of Mumbai have pooled in 9,000 acres of land to build a smart city.
Thousands of farmer families in 11 villages in Raigad’s Khalapur taluka have pitched in with their ancestral farmland. The pooled land will be converted into a non-agriculture zone, after which a special purpose vehicle (SPV) will be promoted to build a smart city with the right mix of commercial, residential and environmental features.
The model envisages farmers owning shares in the SPV in proportion to the value of their land. Besides getting plush homes, they will earn dividends on shares they hold and income from contractual work for the SPV and the commercial units that are expected to invest in the township.

READ MORE: http://bit.ly/1NSW144
Source: Indian Express

How Rs. 2000 per month can save above 7.5 lakhs !