Another Step towards being smart
Formation of the special purpose vehicle (SPV), key to kick-start the Smart City project, will be completed by the end of next week according to the officials in Greater Chennai Corporation. The SPV will implement the ambitious project the Union ministry of urban development plans to kick off across the country on June 25. The municipal corporations of Chennai, Coimbatore and New Delhi are yet to form the SPV, the first step in the programme, among the 20 cities selected in first phase.
The SPV will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the Smart City development projects. Each smart city will have a SPV which will be headed by a full time CEO and have nominees of Central Government, State Government and ULB on its Board.
The 1,366-crore project in the city will be launched in the commercial hub of T Nagar with development plans scheduled to be executed before 2020.
With all such investments coming in and a bright future for the development of the city in near future, areas like T. Nagar are sure to see tremendous growth in real estate.