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Construction : Web Exclusive | February 2016 | Source : CW-India

CIDCO’s NAINA to get Rs 29,000 crore investment

City and Industrial Development Corporation of Maharashtra (CIDCO) has signed MoUs worth Rs 29,000 crore to develop township projects in NAINA region, including Khalapur Smart City project.

One of the major investors who has shown intention in the development of NAINA region was Wadhwa Construction and Infrastructure. The company has committed Rs 10,000 crore, followed by Marathon Group (Rs 4,960 crore) and Running Acres Estates (Rs 4,550 crore).

In an another development, CIDCO has struck a deal with the local villagers to develop the Khalapur Smart City project, entailing an investment of about Rs 7,900 crore.

In this regard, the city corporation has signed an MoU with three civic bodies, including Khalapur Nagar Panchayat, Kalote Mokashi Gram Panchayat and Nadode Gram Panchayat, representing 11 villages to develop Khaplaur Smart City.

“For Khalapur project, we have acquired land to the tune of 10,000 acres from the villagers,” said Sanjay Bhatia, Vice Chairman and Managing Director, CIDCO.

He added, “We will be forming a special purpose vehicle for this (Khalapur) project, which will be responsible for developing internal infrastructure.”

According to CIDCO, the estimated cost of the project is Rs 7,909 crore, of which the SPV will require to raise Rs 3,827 crore, while CIDO will infuse Rs 4,622 crore.

“We are targeting to commence work on this project by 2017,” mentioned Bhatia.

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