Nagpur smart city SPV looks to raise2,427 cr from citizens

Nagpur smart city SPV looks to raise2,427 cr from citizens
26/03/2019 , by , in News/Views

The special purpose vehicle (SPV) — Nagpur Smart and Sustainable City Development Corporation Limited (NSSCDCL) — is eyeing nearly 75% of the Smart City project cost, i.e. Rs2,427crore, from plot owners which is contrary to the announcement of going for land pooling method. Besides, over 30% plot owners in Pardi, Bharatwada, Bhandewadi and Punapur in East Nagpur are set to lose 40% of their total plot area without any compensation.

Central government’s ambitious project, to be implemented in collaboration with state government, requires 1,743 acres land. As per NSSCDCL data, total cost of the project is Rs3,303crore.

The central government, state and NIT together will give only Rs876 crore. The remaining cost is to be recovered from the citizens.

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