The Delhi Development Authority has decided to create a special purpose vehicle (SPV) for operation and maintenance of its green projects including those related to parks, nature reserves and eco-friendly corridors so as to make them socially, economically and environmentally sustainable.
The DDA decided this in its Authority Meeting held under the chairmanship of Lt Governor Najeeb Jung at the Raj Niwas on Thursday.
"A Special Purpose Vehicle (SPV) is being created for futuristic development, operation and maintenance of all the DDA Greens. The SPV will be named as 'Biodiversity Mission and DDA Greens," DDA said today.
The different categories of DDA Greens which will be a part of the SPV are — urban parks that will include, city parks, district parks and community Parks; bio-diversity parks, which includes wetlands, biotic communities, conservatories and ecologically functional ecosystems.
The SPV will also include, nature reserves, spanning ridge area, protected forest, city forest, river front, lakes; and green circuits like green corridors or belts and other parks, it said in a statement.
The SPV shall be managed by a board of Directors (in total 15) with Lt Governor as its Chairman.
The Board of Directors shall be representatives from diverse professional backgrounds.
The CEO will be appointed and shall be responsible for achieving the objectives of the strategic vision set by Board of Directors.
The 'Biodiversity Mission and DDA Greens', is an autonomous, non-profit entity and is fully funded either in the form of endowment or annual grants or both by the DDA, the urban body said.