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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code