NAVI MUMBAI, December 2: Navi Mumbai town planning authority CIDCO today announced its first smart city project in the satellite town envisaging an investment of over Rs 34,000 crore.
City and Industrial Development Corporation (CIDCO) has prepared a plan to develop a smart city in Navi Mumbai and has envisaged an investment of Rs 34,777.40 crore which will be completely funded by the authority.
Maharashtra Chief Minister Devendra Fadnavis will make the announcement for smart city 'Navi Mumbai South' on December 4 during a two-day exhibition to be organised by CIDCO here.
"Navi Mumbai is now working meticulously to make the developing nodes of South Navi Mumbai a smart and eco-friendly habitat. Indeed, the development plan of the South Navi Mumbai is poised to make it a future destination for smart and sustainable living," CIDCO Vice Chairman and Managing Director Sanjay Bhatia told reporters here.
He said the smart city project will be self-financed and CIDCO will not take funds from the government.
"Our South Navi Mumbai development plan is based on 10 major building blocks and 88 sub-projects with a total investment of Rs 34,777.40 crore. CIDCO will be funding the entire project without any financial aid from the government," Bhatia said.
He further said the development project reports (DPR) of the proposed projects are also ready and most of the smart city projects are expected to be completed by 2019.
CIDCO has already undertaken various projects, including Navi Mumbai International Airport, JNPT capacity building, NAINA pilot project, metro and railway projects and creating affordable housing, which will be the major economic triggers for the city, Bhatia said.
"In the coming five years, there will be investment of more than Rs 50,000 crore for infrastructural development facilities in these regions leading to a creation of about 8.7 lakh jobs," he added.
