The cycle rickshaw, named as 'Sukun' (relief) has been developed by St Stephens College to provide shelter to homeless rickshaw pullers of the city.
The seat and its back rest can be converted into a six- feet bed having a mosquito net besides a solar panel to operate the fan, mobile charging port and the reading light. A shelf has also been provided to keep essential daily items.
Complimenting the students and the staff of St Stephens college involved in the project, Dikshit said the unique innovation would go a long way in improving lives of homeless rickshaw pullers as they would not require to sleep on the footpaths and road dividers.
The cost of a convertible cycle rickshaw would be around Rs 15,000. A conventional cycle rickshaw costs around Rs 7,000.
Officials said a micro finance scheme would be launched under which a rickshaw owner will have to pay a daily installment of Rs 50 which will mean an EMI of Rs 1500.
Dikshit said Delhi Government would like to explore possibility of extending certain incentives with an aim to make the cost reasonable.
The project has been promoted by an NGO called 'MNGO for Homeless'.