BMC plans special project fund to support development projects
ECONOMY & POLICY

BMC plans special project fund to support development projects

The BMC has offered a “special project fund” for development projects to guarantee that no mega development projects in Mumbai face a financial crisis.

As per the BMC estimates, several development projects in Mumbai will cost around Rs 7,884 crore in the next few years. On Wednesday, a proposal for setting up the special project fund would be put forward before the BMC Standing Committee for its final approval.

Officials stated that the fund would be used in development works such as reconstruction work of at least 12 bridges across railway tracks in coordination with Maharashtra Rail Infrastructure Development Corporation Limited, costing Rs 1,675 crore, and other bridges under BMC jurisdiction.

The fund will also be used on rejuvenation work near Poisar, Dahisar and Mithi rivers and on stormwater pumping stations.

In February, Municipal Commissioner Iqbal Singh Chahal, in his budget speech, had first offered a special project fund. As per the proposal, for this year, BMC will transfer accrued surplus from other departments to this special fund to raise Rs 4,000 crore.

Additionally, this year, the civic body has offered to take loans of about Rs 5,876 crore from several BMC departments. For 2021-22, BMC has proposed a capital expenditure of Rs 18,750.99 crore despite observing a sharp drop in revenue because of Covid-19.

Image Source


Also read: 25 Housing projects in Mumbai halted over BMC, realtor dispute

Also read: BMC to redevelop and beautify Saat Rasta in central Mumbai

The BMC has offered a “special project fund” for development projects to guarantee that no mega development projects in Mumbai face a financial crisis. As per the BMC estimates, several development projects in Mumbai will cost around Rs 7,884 crore in the next few years. On Wednesday, a proposal for setting up the special project fund would be put forward before the BMC Standing Committee for its final approval. Officials stated that the fund would be used in development works such as reconstruction work of at least 12 bridges across railway tracks in coordination with Maharashtra Rail Infrastructure Development Corporation Limited, costing Rs 1,675 crore, and other bridges under BMC jurisdiction. The fund will also be used on rejuvenation work near Poisar, Dahisar and Mithi rivers and on stormwater pumping stations. In February, Municipal Commissioner Iqbal Singh Chahal, in his budget speech, had first offered a special project fund. As per the proposal, for this year, BMC will transfer accrued surplus from other departments to this special fund to raise Rs 4,000 crore. Additionally, this year, the civic body has offered to take loans of about Rs 5,876 crore from several BMC departments. For 2021-22, BMC has proposed a capital expenditure of Rs 18,750.99 crore despite observing a sharp drop in revenue because of Covid-19. Image Source Also read: 25 Housing projects in Mumbai halted over BMC, realtor dispute Also read: BMC to redevelop and beautify Saat Rasta in central Mumbai

Next Story
Infrastructure Transport

HMRTC to Extend Metro from Gurugram to Jhajjar

The Haryana Mass Rapid Transport Corporation (HMRTC) is progressing with plans to extend the Gurugram Metro from Basai to Bhadsa in Jhajjar, with the ridership survey expected to be completed by the end of January, according to HMRTC officials. In March, the authority had requested Railway India Technical and Engineering Services (RITES) to conduct a ridership survey, which will play a crucial role in finalising the project. The proposed route, covering 23.1 km from Basai to Bhadsa, will alleviate heavy traffic on this stretch. The ridership survey will determine whether the extension should p..

Next Story
Building Material

Siam Cement BigBloc Construction bags Tata Project’s order

SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat based BigBloc Construction and Thailand’s SCG International Corporation, has secured a work order from Tata Projects for supply and installation of AAC Panels for India’s first Semiconductor unit of Micron India in Sanand, Gujarat. The work order of approx. 2 lakh square feet is for supply and installation of 100 mm AAC panels for Micron India’s semiconductor factory at Sanand. The work order was finalized after several rounds of meetings, thorough due diligence, and factory visits, including review of mock-u..

Next Story
Infrastructure Urban

Zoomlion Releases World's Tallest Straight Boom Aerial Work Platform

Zoomlion Heavy Industry Science & Technology has released a series of groundbreaking aerial work platform (AWP) products, including the world's tallest straight boom aerial work platform, the ZT82J, with a height of 82.3 m. These innovative products further solidify Zoomlion's leadership in the AWP sector and underscore its commitment to global market development. The ZT82J marks Zoomlion's third instance of setting a world record in straight boom AWP following the 68-meter and 72-meter products. The 82.3-meter AWP boasts a platform amplitude of 34.1 meters, a maximum working load of 454 kilog..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000