rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Govt plans to develop 100 smart cities

Govt plans to develop 100 smart cities

July 10, 2014 15:40 IST

Govt plans to develop 100 smart cities

     Next

Next

The government proposed an allocation of Rs 7,060 crore (Rs 70.60 billion) in this financial year for developing 100 'smart cities' in the country.

"The Prime Minister has a vision of developing 100 smart cities as satellite towns of larger cities and by modernising the existing mid-sized cities. With development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing," Finance Minister Arun Jaitley today said while presenting the Budget for 2014-15.

Please click NEXT to read more…

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Courtesy, Gujarat International finance Tec-city

     Next

Govt plans to develop 100 smart cities

Prev     More
Prev

More

The new cities should be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable, he added.

"To encourage development of smart cities, requirement of the built-up area and capital conditions for FDI is being reduced from 50,000 square metres to 20,000 square metres and from $10 million to $5 million, respectively with a three year post completion lock in," the Minister said.

He added that projects committing at least 30 per cent of the total project cost for low cost affordable housing, will be exempted from minimum built up area and capitalisation requirements, with the condition of three year lock-in.

Please click here for the Complete Coverage of Budget 2014 -15


Photographs: Courtesy, Gujarat International finance Tec-city

Prev     More
© Copyright 2014 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.