CHENNAI: Setting the stage for implementing the 1,366.24 crore smart city project, the government on Tuesday issued an order for formation of Special Purpose Vehicle (SPV), a requirement to get funds from the Union urban development ministry.
The SPV for Chennai, among the top 20 cities selected for the programme, will plan, approve, release funds, implement, manage, and evaluate development under the project.
An official communication from Greater Chennai Corporation on Wednesday said Chennai Smart City Ltd (CSCL) was formed under the Companies Act, 2013. “It will be promoted jointly by the state government and the corporation, both having 50:50 equity share holding,” it said.
In T Nagar, selected for area-based proposal in the project, the focus will be on electrical network, water supply, sewerage, storm water drainage, solid waste management, IT connectivity and digitization, sanitation, pedestrian friendly pathways and ramp, non-motorised transport, intelligent traffic management systems and retrofitting of green open spaces. Under the pan-city plan, smart solutions using information and communication technology have been proposed for non-motorised transport and water management. This is be implemented in the period between 2015-16 and 2019-20.
When contacted, a senior corporation official said the SPV had been formed before the March 31 deadline but made it public only now because of the model code of conduct. “We will soon identify a consultant to act as a monitoring unit that will also have to prepare detailed project report. The project progressed slower than in other cities because of the election. It will gain momentum,” he said.
A few US firms are likely to provide funding and technology for the venture. In February, an 18-member US business delegation led by department of commerce deputy secretary Bruce Andrews was in Chennai for a conference organised by Indo-American Chamber of Commerce on the Centre’s Smart City project.
The corporation commissioner will chair CSCL, to be headquartered in Amma Maaligai in Ripon Buildings.
Get more of real estate
Subscribe to our mailing list and get interesting real estate stuff updates to your email inbox.