2 hrs ago
Bhopal to Monetise 1,100 Acres of BHEL Land in Phases
Officials plan to use about 1,100 acres of BHEL land in Bhopal to raise money.
The land is currently described as vacant and encroached.
The project will happen in several stages.
A selected institute will help design and carry out the project.
Some of the land will become a city forest because it is located in the middle of the city.
The money raised could be split equally between BHEL and the state government.
The urban administration department will decide how the land can be used to generate the most income.
A Special Purpose Vehicle may be created to manage development projects.
Around 1,100 acres of vacant and encroached BHEL land in Bhopal will be monetised in phases.
A nominated institute will manage the project from drafting through implementation and monetisation.
Part of the centrally located land will be developed as a city forest.
Proceeds could be divided equally, with 50% going to BHEL and 50% to the state government.
The land may be transferred to a Special Purpose Vehicle for planning and implementing development projects.
- Who
- BHEL, the Madhya Pradesh state government, the urban administration department and a nominated institute are involved; the meeting included senior BHEL and Bhopal officials.
- What
- About 1,100 acres of vacant and encroached BHEL land will be monetised in phases, with part planned as a city forest.
- Where
- Bhopal, Madhya Pradesh.
- When
- The decision was taken at a recent high-level meeting; no specific date was provided.
- Why
- To generate income from the land while also developing a city forest and other projects.
Key facts
- Land involved
- Around 1,100 acres of vacant and encroached BHEL land
- Project approach
- Monetisation will be carried out in phases
- Planned public use
- One portion will be developed as a city forest
- Potential proceeds split
- 50% for BHEL and 50% for the state government
- Project management
- A nominated institute may oversee the project from drafting to implementation
- Development vehicle
- The land may be transferred to a Special Purpose Vehicle
- Approvals
- Work will require consent from the state government and the Ministry of Urban Development and Housing
Sources
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