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