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