Since the multi-modal project is over Rs 1,000 crore, an exclusive SPV is required to oversee and expedite the work.
The state government on Friday allowed the Bhubaneswar Development Authority (BDA) to form a special purpose vehicle (SPV) to implement the much ambitious railway station multi-modal hub project under the Smart City Mission.
“There is already an SPV in the name of Bhubaneswar Smart City Limited (BSCL) which has started implementing various IT-backed and pan-city projects. Since the multi-modal project is over Rs 1,000 crore, an exclusive SPV is required to oversee and expedite the work,” said BSCL chief executive officer Vineel Krishna.
The multi-modal project will come up in front of the city railway station stretching till the Ashok Nagar market. This area comes under the Bhubaneswar Town Centre District (BTCD) area which is an 985-acre area extending from Bapuji Nagar to Saheed Nagar.
The BTCD area will turn into a model downtown after the completion of the multi-modal hub project.
Krishna said the new SPV will function under the BDA. This will be a separate SPV, solely implemented by the BDA unlike the BSCL, he said.
The government has asked the BDA to hire a real estate marketing consultant and project management consultant to take the project forward.
It has also asked the BDA to constitute a high power committee to coordinate the implementation of the project. BDA will decide who will be the members of the committee.
The first phase of the project will be taken up by the works department which will construct the modern bus terminal and underground parking.
In the second phase, the project will include the re-development of the Ashoka market.
According to official sources, the multi-modal hub, to be spread over 12 acre, will also include two towers spread over five acres to accommodate hotels, business establishments, offices, amphitheatre and recreational facilities like multi-gyms.
Another five acres will be used for creating underground parking, bus and auto-rickshaw stands.
BDA sources said the designs will be such that there is space for future modifications considering the ongoing plan to have a Bus Rapid Transit System.
Courtesy: The Times of India