Cidco To Turn Navi Mumbai Into A Smart City

By Author: Akshay Argade
Total Articles: 38
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City and Industrial Development Corporation (CIDCO) has launched a plan earlier in December 2015 to turn Navi Mumbai into a smart city. The plan primarily focusses on the south of Navi Mumbai and has an initial outlay of Rs 2,033 crore. The project will be totally funded by CIDCO without any help from the state government and is expected to get completed by 2019.

Cidco vice-chairman and managing director Sanjay Bhatia has pointed out that the development of the smart city will take place by developing an environment-friendly and financially sustainable city. This is what he has told to a leading daily, “The Navi Mumbai (south) smart city and other projects will be totally financed by Cidco and it won’t need funds from the state government. These projects will be completed by 2019. Cidco has deposits worth Rs 7,000 crore and huge land parcels. When required, Cidco will sell part of these plots and proceeds will be utilised to complete the projects.”

There will be a total of 88 sub-projects within the larger smart city projects. These smaller projects encompass environmental sustainability, urban renewal, new ...
... technology for waste management, and development of gardens and play grounds and also smart organisation, transparency and ease of doing business through e-governance. CIDCO has partnered with leading corporates namely Accenture, SAP, Stockholding Corporation and Zensar for this project.

Simaltaneously CIDCO is also developing a modern township adjacent to the international airport. The project called Pushpak Nagar is spread across an area of 230 hectares of land with a plan outlay of Rs 941 crore. According to Mr. Bhatia, “These projects can withstand the coming boom and massive urbanisation and they are expected to attract fresh investment of Rs 50,000 crore with generation of 870,000 jobs.”

Apart from CIDCO, there is a proposal of about Rs 32,744 crore of investment from a nodal agency for the proposed Navi Mumbai International Airport. The project will be aimed at the construction of affordable housing, construction of metro rail, development of port city, and provision of basic infrastructure.

Therefore it is not far away when Navi Mumbai will regarded as one of the most livable area of Maharashtra with better standard of living and high number of jobs. Real estate investments are always known for yielding good results and when it is done at right place and also at right time, the profit simply gets maximized to the maximum extent. Navi Mumbai as getting projected now is the best place to invest at present. The upcoming boom in the area holds maximum possibility to yield the best return on your investment.

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