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New Hut Infrastructure Pvt.Ltd.! Real Estate Company In Lucknow: 'Smart City Ltd' to modify Lucknow 0

Monday, 20 June 2016

'Smart City Ltd' to modify Lucknow

Divisional commissioner has instructed the Lucknow Municipal Corporation to form SPV (special purpose vehicle) 'Lucknow Smart City Limited' within three weeks to begin development projects under Smart City mission on priority. He has also made departmental committees to review progress every month in their fields.
These committees are meant to monitor projects of drainage, sewerage, heritage building, solid waste management, roads, transport, smart parking and urban mobility nodes.
Once formed, the SPV will ensure its board of directors meets every third or fourth Saturday of a
month to review the progress of projects regularly. The SPV will have three main directors-divisional commissioner as chairman, municipal commissioner as CEO and one director of local bodies of UP.

The SPV can later add as many directors as needed in the board. LMC has recommended to include district magistrate and an official from tourism department. The commissioner said, 'Formation of SPV is a prerequisite to Smart City funds from the Centre and state government. The SPV's name has to be registered with the Companies Act in 3 weeks to be able to begin work on time." Total Rs 1,000 crore will be given by both Centre and state government for Smart City developments.
The first board meeting will take place in July and set agenda for prioritising projects. "The board will see which projects have to be done on priority and also allocate funds towards them. Smart City goals will be achieved through setting timeline for individual work," said LMC. The commissioner was meeting key departments of UP after Lucknow ranked first in the fast-track round.
Source: The Times of India, Lucknow

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