In order to implement the provisions of the Comprehensive Development Plan (CDP) around the State capital, the Housing and Urban Development Department has proposed a Corpus Fund of Rs 1,000 crore for development of infrastructure facilities in the city.
The Corpus Fund would be raised under the State Capital Region Development Fund that would supplement the normal expenditure of the Bhubaneswar Development Authority (BDA).
"The Corpus Fund will supplement the normal expenditure and also help the execution of infrastructure projects such as storm water drainage, master plan roads, low-cost housing, slum development and beautification drives," Housing and Urban Development Secretary Deoranjan Kumar Singh told reporters here soon after his discussion with the Chief Secretary over the proposed fund .
He, however, said the State Government's approval is needed to execute the plan.
According to the plan, the BDA would manage the fund while agencies like the Works Department, Public Health Engineering Organisation, and Central Electricity Supply Utility would execute the projects.
BDA Vice-Chairman Krishan Kumar said people would benefit immensely from the Corpus Fund as the execution of infrastructure projects would become easier and dependence on budgetary allocation would be minimal.
According to BDA sources, proceedings from auctioning of Government lands in the city would now be diverted to the Corpus Fund. Seventy-five per cent of the premium paid to the authority for developing public-private-partnership projects would also come to the fund.
There is also a proposal that in the near future the State Government would specifically assign lands to the BDA for raising money for the fund.
However, the Corpus Fund would supplement the resources available for various urban infrastructure projects. It cannot be used as substitute to funds and grants available under the schemes and projects run by the State Government and the Centre. The Revenue Department is likely to earmark about 50 acres of land near the city to help raise the Corpus Fund.
Sources said small plots near colonies allotted to the General Administration (GA) Department would also be surveyed and assigned to the BDA so that it can raise resources through auction. Similarly, land available on the city outskirts would be allotted to the BDA for fund generation, the BDA sources said.