Mumbai: The City and Industrial Development Corporation of Maharashtra (CIDCO) has decided to develop an integrated township ‘Khalapur Smart City’, entailing an investment of Rs 7,909 crore.
The Corporation today signed an MoU with three civic bodies, including Khalapur Nagar Panchayat, Kalote Mokashi Gram Panchayat and Nadode Gram Panchayat, representing 11 villages, at a ‘Make in India’ Week event to develop the township project.
A special purpose vehicle ‘Khalapur SPV’ has been formed for the project, which would be developed on the lines of CIDCO’s Navi Mumbai Airport Influence Notified Area (NAINA), a statement issued here said. The 11 villages, namely Khalapur, Mahad, Shiravali, Nimbode, Vanve, Nadode, Nigdoli, Kalote Mokashi, Kalote Rayati, Vinegaon and Kandroli Turf Wankhal, have taken the initiative to voluntarily pool land totalling around 3,550 hectares for the project.
The total cost of the project is estimated at Rs 7,909 crore, of which the SPV would invest Rs 3,287 crore for developing internal infrastructure, while CIDCO would contribute Rs 4,622 crore towards city and peripheral level infrastructure, the statement said.
The SPV would allocate 40 per cent land towards the project for developing physical and social infrastructure and growth centres, it said. The growth centres, city and peripheral-level infrastructure would be developed by CIDCO in the next 10 years in phased manner, after receiving approval for the Khalapur Smart City Project Development Plan by the state, it said.
The development of physical infrastructure on 60 per cent of the land would be the responsibility of the SPV. The work on the project is expected to commence by 2017, it said Apart from this, the Corporation has also signed MoUs with 11 developers, with an investment potential of about Rs 29,000 crore to develop township projects in the NAINA region.
“This will further enhance several investments and business opportunities in the region,” the release stated.