Dedicated fund, panel for city renewal on the cards

A dedicated Rs 1,000 crore fund and an urban renewal commission for the city are on the anvil. While the state government has already worked out a draft legislation to set up a dedicated fund, it is still working out the scope of the urban renewal commission.

Speaking at the closing session of a conference on renewal strategies for Mumbai organised by Bombay First, state chief secretary R M Premkumar said the dedicated fund would be used to finance infrastructure projects in the city.

"The idea is to ensure that the money allocated for these projects is not lost in general account but is reserved for the city's development."

It will initially receive contributions from funding agencies such as Cidco and Hudco.

Premkumar also said all future infrastructure projects for the city will be on a build-operate-transfer basis.

The urban renewal commission would be "a mechanism to drive the government's vision for the city", he said.