BMC plans special project fund to support development projects
ECONOMY & POLICY

BMC plans special project fund to support development projects

The BMC has offered a “special project fund” for development projects to guarantee that no mega development projects in Mumbai face a financial crisis.

As per the BMC estimates, several development projects in Mumbai will cost around Rs 7,884 crore in the next few years. On Wednesday, a proposal for setting up the special project fund would be put forward before the BMC Standing Committee for its final approval.

Officials stated that the fund would be used in development works such as reconstruction work of at least 12 bridges across railway tracks in coordination with Maharashtra Rail Infrastructure Development Corporation Limited, costing Rs 1,675 crore, and other bridges under BMC jurisdiction.

The fund will also be used on rejuvenation work near Poisar, Dahisar and Mithi rivers and on stormwater pumping stations.

In February, Municipal Commissioner Iqbal Singh Chahal, in his budget speech, had first offered a special project fund. As per the proposal, for this year, BMC will transfer accrued surplus from other departments to this special fund to raise Rs 4,000 crore.

Additionally, this year, the civic body has offered to take loans of about Rs 5,876 crore from several BMC departments. For 2021-22, BMC has proposed a capital expenditure of Rs 18,750.99 crore despite observing a sharp drop in revenue because of Covid-19.

Image Source


Also read: 25 Housing projects in Mumbai halted over BMC, realtor dispute

Also read: BMC to redevelop and beautify Saat Rasta in central Mumbai

The BMC has offered a “special project fund” for development projects to guarantee that no mega development projects in Mumbai face a financial crisis. As per the BMC estimates, several development projects in Mumbai will cost around Rs 7,884 crore in the next few years. On Wednesday, a proposal for setting up the special project fund would be put forward before the BMC Standing Committee for its final approval. Officials stated that the fund would be used in development works such as reconstruction work of at least 12 bridges across railway tracks in coordination with Maharashtra Rail Infrastructure Development Corporation Limited, costing Rs 1,675 crore, and other bridges under BMC jurisdiction. The fund will also be used on rejuvenation work near Poisar, Dahisar and Mithi rivers and on stormwater pumping stations. In February, Municipal Commissioner Iqbal Singh Chahal, in his budget speech, had first offered a special project fund. As per the proposal, for this year, BMC will transfer accrued surplus from other departments to this special fund to raise Rs 4,000 crore. Additionally, this year, the civic body has offered to take loans of about Rs 5,876 crore from several BMC departments. For 2021-22, BMC has proposed a capital expenditure of Rs 18,750.99 crore despite observing a sharp drop in revenue because of Covid-19. Image Source Also read: 25 Housing projects in Mumbai halted over BMC, realtor dispute Also read: BMC to redevelop and beautify Saat Rasta in central Mumbai

Next Story
Infrastructure Transport

Modi Launches Rs 318.5 Billion Projects in Maharashtra

Prime Minister Narendra Modi on Wednesday launched infrastructure projects worth Rs 318.5 billion during his two-day visit to Maharashtra, including two landmark developments — the first phase of the Rs 196.5 billion Navi Mumbai International Airport (NMIA) and the second phase of the Rs 122 billion Mumbai Metro Line 3. India’s first fully digitised airport, NMIA, has been designed for multimodal connectivity and is being developed under a public-private partnership between Adani Airport Holdings, which holds a 74 per cent stake, and the City and Industrial Development Corporation of Maha..

Next Story
Real Estate

Tata Housing Sells Rs 10 Billion Homes in Bengaluru

Real estate developer Tata Housing on Wednesday announced that it has achieved home sales worth over Rs 10 billion in its newly launched residential project in Bengaluru, driven by strong demand. In a statement, the company said Tata Housing Varnam Phase I — part of the 135-acre integrated township Carnatica in North Bengaluru — has surpassed Rs 10 billion in sales since its launch in August 2025. Spread across 20 acres, Varnam Phase I has recorded sales of 377 units out of 582 apartments, along with 48 townhouses and row houses. The project has attracted substantial interest from both e..

Next Story
Infrastructure Transport

OMRON to Train 1,000 Graduates Annually at Bengaluru Centre

Japanese industrial automation giant OMRON announced on Wednesday that it will train and skill 1,000 fresh engineering graduates annually at its newly launched Automation Centre in Bengaluru. The initiative aims to enhance India’s employable manufacturing talent and build a resilient, future-ready industrial ecosystem. Motohiro Yamanishi, President of the Industrial Automation Company at OMRON Corporation, said, “We see immense potential in the dynamism of India’s manufacturing sector. The new Automation Centre underscores India’s vital role in our global and Asia-Pacific vision. It i..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?