SMART CITY: RS 8,000 CR PROPOSAL FOR BHOPAL GETS FINAL TOUCHES
Financial model of an estimated Rs 8,000 crore, Bhopal’s smart city proposal is being worked out in consultation with state government, ahead of submission deadline of December 15.Top officials of state government’s urban administration and development department (UADD) and consultants from UK’s Department for International Development (DFID) are reviewing proposals from seven cities of Madhya Pradesh, participating in Union government’s smart cities challenge, an official said. Twenty cities would be selected for the mission in first year and winners are likely to be declared in January 2016.
Sources said Bhopal Municipal Corporation (BMC) smart city proposal was evaluated on Saturday. After incorporating suggestions on financial model, the proposal would once again be reviewed recently.Bhopal city’s main smart city plan would be based around redevelopment of 300-acre in Shivaji Nagar. City renewal (redevelopment of existing built up environment) would be backed by seed money from the Union government worth Rs 500 crore and an equal amount from the state government.If BMC’s smart city bid is accepted in January, the mission of redevelopment is expected to take at least three years. “Going by estimates, a private builder gave Rs 300 crore to state government for 15 acre plot around proposed area for redevelopment, BMC hopes to raise at least Rs 8,000 crore from 300 acres,” a BMC official said.
As per proposal, land parcel would be developed for private stakeholders. It would incorporate residential, commercial and public spaces. “The proposed model is robust. However, slump in real estate prices might impact development at some stage. We expect this development of smart city to be replicated across the city,” said a consultant.Besides the ground up development of Shivaji Nagar, Bhopal’s pan-city initiative comprises 24 points and is to cover waste management, water supply, public transportation and other needs of the city.