Financial limit of smart city SPVs enhanced in Tamil Nadu The...

    Financial limit of smart city SPVs enhanced in Tamil Nadu

    The powers of the special purpose vehicles formed under the smart city project have been enhanced in Tamil Nadu as per an order issued by the municipal administration and water supply department.
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    The boards formed by various smart city will have a revised financial limit for smart city projects/proposals. The administrative sanction power for other corporations, except Chennai, has been increased from Rs 1.35 crore to Rs 3 crore.

    The Greater Chennai Corporation can pass projects up to Rs 25 crore. The earlier upper limit was Rs 10 crore.

    The commissioner of municipal administration can now sanction projects up to Rs 15 crore, and not Rs 6.5 crore as earlier. The same financial limits apply for the special purpose vehicles as well.

    A special committee headed by the chairman and managing director of the Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited, commissioner of Greater Chennai Corporation, commissioner of municipal administration and additional secretary to government (finance department) passed the order on Wednesday.

    The officials from corporations have welcomed the decision as they said, this was one of the major reasons for the delay in implementation of the project.

    “Earlier, we had to travel to Chennai and represent the projects in front of the high-powered project sanctioning committee. Now this will expedite the projects,” said a Coimbatore Corporation official.

    Info- https://realty.economictimes.

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