Wankhede Stadium in Mumbai was renovated before the 2011 World Cup and hosted the final match. Not sure any other stadium in metro cities i.e. Kolkata, New Delhi, Chennai, Bengaluru are getting renovated right now with the World Cup being held later this year. All the stadiums are owned by State Associations, who receive funding from BCCI apart from the revenue they might generate themselves. The IPL money goes directly to BCCI and the State Cricket Associations don't see that money directly. They probably get some compensation from the Franchisees for renting the Stadium out for the IPL matches.