All about smart cities mis­sion

HT Estates - - FRONT PAGE -

What is the Smart Cities Mis­sion? It is an ur­ban re­newal and retrofitting pro­gramme by the gov­ern­ment to de­velop 100 cities across the coun­try. As much as ₹ 100 crore will be given to each smart city per year for the next five years 33 cities have made it to the list: While 20 were se­lected through a com­pe­ti­tion, an­other 13 were re­cently added through a fast track process. Cities can carry out de­vel­op­ment with a choice of retrofitting, re­de­vel­op­ing or de­vel­op­ing a pre­vi­ously un­de­vel­oped part of the city Area de­vel­op­ment project: Un­like the Jawa­har­lal Nehru Na­tional Ur­ban Re­newal Mis­sion (JNNURM), the smart cities mis­sion talks of cities tak­ing up one area de­vel­op­ment project and one pan city project Im­ple­men­ta­tion through an SPV: The im­ple­men­ta­tion of the smart cities scheme will be routed through a spe­cial pur­pose ve­hi­cle (SPV) that will have con­trol over the use of funds and be ac­count­able for how the project is be­ing ex­e­cuted How does an SPV work? An SPV will work as a mas­ter de­vel­oper, en­ter into ar­range­ments with other de­vel­op­ers to de­velop the site for re­de­vel­op­ment, plan new de­vel­op­ment or retrofitting and there­after exit the project af­ter hav­ing earned a req­ui­site div­i­dend

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