October 2016 | Back to all Real Estate Articles
A Special Purpose Vehicle (SPV) will be set up soon by the government to facilitate Thane become a Smart City, Thane Municipal Commissioner Sanjeev Jaiswal said.
Thane was in the list of cities released last month by Urban Development Ministry in New Delhi, to be developed as Smart Cities.
"Initial preparations for the Smart City project is almost over and the next step towards its implementation is the creation of SPV. Work on the project is on the fast track," Jaiswal told on sidelines of a cleanliness drive held here October 5.
Thane has proposed a Rs 6,630 crore plan under Smart City and AMRUT missions. Of this, the civic body has funded Rs 4,375 crore.
"The implementation of the mission at the city level will be done through the SPV. It will plan, appraise, approve, release funds, implement, manage, operate, monitor and evaluate the project," he said.
According to Jaiswal, 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 urban local bodies (ULB) on its board.
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