"A large amount of money has to come from the private sector for the development of 'smart cities' for which the ministry is studying the ways and means on how to attract private investments," MoUD Secretary Shankar Agarwal said.

Although the private investors were willing to take business risks, they would not be eager to bear political perils. "Their investments should be safe and also fetch returns," he said.
    
"Private investors may participate by taking a part of equity or in any other form. We will be able to come out with the guidelines in two to three months time," he told reporters at the MCC Chamber of Commerce here.

The Modi government has proposed to build 100 smart cities that would be identified by the Centre at the suggestion of the state governments. The Centre would also extend finance to the states in setting up the smart cities, he said.
    
West Bengal Urban Development Secretary Debasish Sen said that the New Town locality at Rajarhat near the metropolis was fit to be developed into a smart city.

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