"Our estimate is that in the current financial year, Rs 200 crore is expected to be spent on roads, water supply, sewerage and water recycling schemes under the Smart City project," Indore Municipal Corporation (IMC) Commissioner, Manish Singh told PTI.
The Commissioner informed that the local body has so far received an assistance of total Rs 248 crore from the Centre and the state. Besides, the IMC has made a provision of Rs 200 crore this fiscal from its budget.
The city will get a total assistance of just Rs 1,000 crore (Rs 500 crore from the Centre and matching amount from the state) under the Smart City project. The corporation will have to manage on its own the remaining amount of the scheme worth Rs 5,108 crore.
When asked how the corporation will manage the remaining amount, Singh said, "We will initiate schemes for the redevelopment of old areas under public private partnership (PPP) model and will recover premium from the private companies.
Besides, we will also raise the floor area ratio (FAR) of the commercial buildings and give them nod to construct additional floors and also recover premium in turn from them."
Indore is among the 20 cities in the country selected under the first phase for the implementation of the Smart City Project.