Tuesday, 8 December 2015

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.

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Source: Indian Express