India updates status of its smart city projects

smart city technology investmentIndia government has revealed the latest status of its smart city projects in the country.

The government has selected 90 cities for the smart city project mission. The selection of ten more smart cities will be announced shortly.

There are about 3,000 smart city projects worth Rs 140,000 crore at various stages of implementation.

The government has invited tenders for projects worth Rs 16,000 crore. India will be inviting tenders for more than 1 lakh crore worth of projects.

“Other cities and regions around them will soon start undergoing transformation towards becoming centres of urban excellence,” said Hardeep S. Puri, Minister of State(I/C) for Housing & Urban Affairs at a trade event in Delhi.

India selected 20 cities were in January 2016, and last 30 cities in June 2017.

Bhubaneswar smart city plan was adjudged as the best city plan by American Planners Association. This is also first time that cities have created an institutional mechanism (SPVS) at the city level.

India has formed 82 SPVs. 90 smart cities will leverage fund by 2.5 times through internal revenue mobilization, value capture financing, municipal bond issue etc.

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