The Delhi Development Authority (DDA) has decided to create a special purpose vehicle (SPV), for operation and maintenance of its green projects including those related to parks, nature reserves and eco-friendly corridors, so as to make them socially, economically and environmentally sustainable.
The DDA decided this in its meeting held under the chairmanship of Lt Governor Najeeb Jung, at the Raj Niwas.
“A special purpose vehicle is being created for futuristic development, operation and maintenance of all the DDA Greens. The SPV will be named as ‘Biodiversity Mission and DDA Greens’,” the DDA announced.
The different categories of DDA Greens, which will be a part of the SPV, are urban parks that will include city parks, district parks and community parks; bio-diversity parks, which includes wetlands, biotic communities, conservatories and ecologically functional ecosystems.
The SPV will also include nature reserves, spanning ridge areas, protected forests, city forests, river fronts, lakes and green circuits like green corridors or belts and other parks, it said in a statement.
The SPV shall be managed by a board of directors (15, in total) with the Lt Governor as its chairman. The board of directors shall be representatives from diverse professional backgrounds. The CEO will be appointed and shall be responsible for achieving the objectives set by the board of directors.
The Biodiversity Mission and DDA Greens, will be an autonomous, non-profit entity and will be fully funded either in the form of endowments or annual grants or both, by the DDA, the urban body said.