BHUBANESWAR : The Bhubaneswar Development Authority (BDA) has estimated the ‘New City’ project, envisaged by Ministry of Housing and Urban Affairs (MoHUA), will require an investment of around Rs 8,200 crore.
The New City project is a challenge from the MoHUA to states to vie for a Rs 1,000 crore support for building a new urban space on the outskirts of the capitals.
As part of it, development authorities were asked to participate and send in master plans. The BDA too took part in the challenge and prepared the ground work.
BDA sources said as per estimation, the proposed project will require investment of Rs 8,179 crore of which Rs 6,079 crore has been pegged for built-up space and another Rs 2,100 crore for infrastructure.
The agency has proposed in its master plan to take up the project in three phases. BDA sources said the New City has been planned in Daspur and Gothapatana mouzas of the city on around 400 hectare land where government agencies have ownership of more than 95 per cent land parcels.
The total built-up area planned in the New City is 21.7 million sq ft, comprising 10.45 million sq ft residential area, 3.10 million sq ft office spaces, one million sq ft retail commerce, 2.40 million sq ft MICE facilities, 2.30 million sq ft industrial area and 2.35 million sq ft neighbourhood shopping area.
Designed to accommodate up to 15,000 housing units and 60,000 people, the project is expected to create more than one lakh direct and indirect job opportunities in future.
An official from the agency said the details regarding funding will be known only after the project gets nod from the MoHUA. The BDA has already submitted the master plan and will also carry out a market feasibility study of the proposed project soon.
“The project, however, would not be binding on the outcome of the feasibility study as it is being done to get an idea about the physical characteristics and features of the identified site,” sources said.