A Special Purpose Vehicle (SPV) will be formed for the implementation of the Chandigarh Smart City project.
The SPV will be a joint venture of the Chandigarh administration and the municipal corporation with both sharing an equal equity of 50 per cent each.
The primary role of the SPV will be to plan, appraise, approve, finance, implement, manage, operate, monitor and evaluate Smart City solutions, both pan city and area wide.
The total cost of the project is estimated to be around Rs 62 billion with Rs 2.50 bn for the pan city proposal and Rs 59.50 bn for the area-based development.
The total equity of Rs 10 bn will be invested by the municipal corporation and the administration. The equity of the municipal corporation will be generated from the grant fund, which will be created to receive funds made available by the Centre under the Smart City Mission.
Funds for the Smart City project will also be made available from the convergence of other schemes of Union government as well as the Chandigarh administration, like Solar City Mission, Integrated Power Development Scheme (IPDS), Digital India etc. Some of the projects will be funded through the private sector.
Pan city proposals aim at improving public life and safety, and liveability through smart integrated e-governance and intelligent multi-modal command and control centre.