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Dubai firm to build townships in Punjab Chandigarh, November 18 This will be the largest Foreign Direct Investment — Rs 1,000 crore — in any real estate project in India so far, claims Mr Shravan Gupta, Managing Director, Emaar-MGF Land Private Limited, revealing that MoU was signed in New Delhi last week by Mr Sudhir Sarin, a Director of the Dubai-based company, and Mr K.B.S. Sidhu, Secretary, Urban Development and Housing, Punjab. The agreement is about developing, 5,000 acres of land in four towns and cities of Punjab with an initial investment of Rs 1,000 crores. The Mohali project is for developing an integrated township with facilities for special education and wellness zones in about 1,000 acres of land. The township will take five to seven years to come up fully. It will be raised in five phases, using 200 acres in each phase. The first phase will start with residential plots, town houses and villas with convenient shopping, landscape gardens, with ultra modern civic facilities and amenities. Incidentally, the real estate prizes in these areas to be developed by the Dubai firm in the first phase are at an all time high now. The Punjab Government has promised to provide speedy clearances on single window platform in accordance with the guidelines related to mega projects. Though the Punjab Government has liberalised its policies to attract multinational as well as overseas companies to invest in Punjab, several concessions, including exemption from payment of stamp duty on land purchased, have also been announced for the big investors. Sources reveal that the Punjab Government has been keen to promote public-private sector partnership in major thrust areas, including infrastructure and urban development. Though no expressions of interest or tenders were invited for these integrated township and infrastructure development projects, the Dubai company claims, “new townships and infrastructure projects will be designed and constructed by architects and contractors of international standing. They are supported by experts in the fields of planning, construction, transportation, utility, environment and other infrastructure.” “We are proud and privileged to be able to partner the state of Punjab in this world scale, world class enterprise which will catapult the state to the forefront of the economy and provide the people of Punjab a ‘Dubai’ of their own,” said Mr Shravan Gupta. “The Mohali township, Mr Gupta said,” alone will benefit the state with the revenue earning of about Rs 1,000 crores mainly through stamp duty, the VAT and the Service Tax as the demand for Fast Moving Consumer Goods (FMCG), household items, cement and steel alone will be in the range of Rs 30,000 to Rs 40,000 crores in next 10 years. “Apart from this, there would be foreign exchange inflow of about Rs 2,000 crore and will create direct employment opportunities for 5,000 people besides affording indirect employment to another 50,000 persons. The township will provide international standard offices, IT parks spaces of about eight million square feet,” he added.  |
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