CHENNAI: A Special Purpose Vehicle (SPV) is to be formed under the Chennai Smart City Limited (CSCL) to identify and utilise vacant lands across the city.
The Greater Chennai Corporation is eyeing lands owned by itself and other State government agencies to be developed for various smart city projects, including multi-level car parking, recreation and commercial centres.
However, the development projects in these vacant lands would be subject to a feasibility study, according to corporation sources.
Depending on the project, the civic body may venture into Public Private Partnerships (PPP) or Engineering Procurement and Construction (EPC), the official said.
“This is aimed at creating new sources for revenue by opening up opportunities for investors,” the official added.
While the revenue sharing models are yet to be finalised, the proposed SPV may be used to rope in Tamil Nadu Infrastructure Fund Management Company (TNIFMC), according to corporation officials.
Phase-1 requirement
Chetpet- 4.05 acres
Kannappar ground- 13 acres
Basin bridge- 2.4 acres
Walltax road- 9.18 acres
Shenoy Nagar-6 acres
Arcot Road, Kodambakkam- 1.1 acres
Avadhanam Papier Road,
Choolai- 2.1 acres
Richards park, Saidapet- 2.71 acres