At least eight town-planning schemes near the Outer Ring Road are expected to get the go-ahead from the state government in the next two months.
As a result, the development of 16 villages around the TP schemes has been put on a fast track by the Surat Urban Development Authority (SUDA).
Once the TP schemes are approved, Urban Ring Development Corporation Ltd (URDCL), the special purpose vehicle (SPV) formed to execute this 67-km Ring Road project, will start earning from the sale of additional floor space index (FSI).
Initial finance will be provided by SUDA and Surat Municipal Corporation (SMC).
“We are adopting a unique method for this project. To entice people to come and take up the development work, something concrete needs to begin on ground. SUDA and SMC would pool in the initial amount to begin the work on ground as soon as draft TP’s are approved by the government,” said Dr Rajender Kumar, CEO of SUDA.
The 3,000 hectare of land is proposed to be converted in to a special residential zone.
The TP schemes have been proposed on either sides of the 90m wide road up to 500m.