HYDERABAD: Setting the stage for commencement of smart city project works in Visakhapatnam and Kakinada, which were shortlisted in stage-II of the competition under smart cities programme of the Union Ministry of Urban Development, the state government on Wednesday constituted Special Purpose Vehicle (SPV) for both the cities.
The SPV will plan, appraise, approve, release funds and evaluate the Smart City Development Projects.
Both the SPVs will be headed by principal secretary of Municipal Administration and Urban Development department.
The Visakhapatnam SPV will be known as ‘Greater Visakhapatnam Smart City Corporation Limited’. Similarly, Kakinada SPV will be known as ‘Kakinada Smart City Corporation Limited’.
According to a GO issued here, as per the Smart City Mission Guidelines, the selected smart city is required to form a SPV.
“The SPV will be a limited company incorporated under the Companies Act, 2013 at the city level, in which the state and the Urban Local Body will be the promoters having 50:50 equity share holding,” the order stated.
The aim of the Smart Cities Project is to drive economic growth and improve the quality of life of people by enabling local area development and harnessing technology especially technology that leads to smart outcomes.
The cities selected under the project will get an allocation of Rs 100 crore for each of the five years of the mission period.
The Central assistance to the mission is around Rs 50,000 crore.
The cities will be developed to have basic infrastructure such as assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, e-governance and citizen participation.
Preserving and developing open spaces like parks, playgrounds and recreational spaces in order to enhance the quality of life of citizens, formation of e-groups to obtain feedback from the people and use of online monitoring of various programmes with the aid of cyber tour of work sites are the other projects that will form part of the Smart City development.