India Investment Property » Mou

Omaxe subsidiary will develop township

Tue, 14 Jul 2009 07:33:24 +0000

Photo by vm2827Construction firm Omaxe said its subsidiary has entered into an agreement with Allahabad Development Authority for the development of a township in Allahabad.

Pancham Realcon has has entered into a memorandum of understanding for the development of township in Allahabad on a proposed area of 1,535.12 acres, Omaxe said in a filing to the Bombay Stock Exchange. However, the company has not disclosed the financial details of the township project.

Sunil Mantri To Develop Township

Thu, 31 Jul 2008 10:48:00 +0000

Real estate firm Sunil Mantri said that it will invest Rs 2,000 crore on developing a 2,000-acre residential project in Gwalior over the next decade.

The company signed an MoU with the Special Area Development Authority, Gwalior, to carry out the project under public-private-partnership model, the company said in a statement.

As per the MoU, the realty firm would set up a Hi Tech city over an area of 2,000 acres, comprising 25,000 housing units.

The company has already acquired 375 acres for creating housing for the low and mid-income people.

Around 5,000 houses would be provided in this project and the developments work would be commissioned by October this year.

It is currently developing three new projects in Gwalior, consisting of residential, a shopping mall cum multiplex and commercial spaces.

Hi-tech City Project In Kochi

admin — Thu, 26 Jun 2008 12:41:04 +0000

Kochi will soon get international status with the upcoming of hi-tech city project worth five thousand crore rupees. The Bangalore-based Shobha Developers have signed up a MoU with the state government for setting up this hi-tech city. Sobha Hi-Tech City will be an incorporated city with focal point on research and development, knowledge dissemination, information technology and pure and applied sciences. The city is situated close to the NH 47 bypass close to Maradu in Kochi. It will have seven million square feet of knowledge park, commercial space to provide business-friendly environment, hospitality and leisure projects, entertainment and amusement facilities, a marina and residential complexes. The project will be completed in 8yre and would produce seventy five thousand straight jobs.

SMR Ltd Plans To Invest In Malaysia Cybercity

Mon, 02 Jun 2008 09:35:09 +0000

Mumbai-based Sunil Mantri Realty Ltd plans to invest about hundred million U.S. dollars to participate in the development of Bandar MSC Cyberport in Kulai, the first Multimedia Super Corridor (MSC) cybercity in Malaysian southern Johor state. This is for the first time that an Indian company is investing in malaysia cybercity. The company signed the MoU to jointly develop this more that one billion’s ringgit development.

MSC Cyberport chief executive officer Mr. Ganesh Kumar Bangah said, “The hundred million U.S. dollars investment from Sunil Mantri will be injected to develop Phase one of Bandar MSC Cyberport, covering a size of 13.2 ha. Work on the project is expected to start at the end of the year”.

Mr. Bangah said, “It will be a mixed development with residential, commercial and ICT spaces targeting the IT operations of MNCs, while developing local technology companies and technopreneurs.

Videocon Group Will Invest Rs 30-cr In Gujrat Realty

admin — Sat, 24 May 2008 10:39:40 +0000

Consumer durable major Videocon Group has bought out a housing society off Ashram Road, one of Ahmedabad’s prime business areas, for over Rs 50,000 per sq yard in a Rs 30-crore deal.
The housing society, Lotus Society, is located along the Sabarmati river – where the ambitious Rs 2000-crore riverfront development project is coming up – is spread over 6,000 sq yards. The group plans to come up with a commercial complex and a five-star hotel.

Earlier, a city-based developer had tried to acquire the Lotus Society. Subsequently, a couple of other local developers had jumped into the fray and negotiated for the same property. However, Videocon signed the deal around a month ago.

The deal was struck with the help of local builders. According to industry sources, Videocon has already made part payments to the flat owners, who have signed an MoU with the company as per which they have to vacate their flats within a stipulated time frame.

Videocon Group had identified the land keeping the Sabarmati riverfront project in mind. The group is venturing into grocery and lifestyle retailing space through cash-and-carry format across the country. It has appointed KSA Technopark, Earnst & Young and Price WaterHouseCoopers as advisers for its retail plan.

The group has already appointed Subir Ghosh, former CEO of Essar retail, as head of its Planet M business. At present, the company is looking for suitable land in Ahmedabad, Kolkata, Aurangabad and Ahmednagar. The company intends to set up 40 stores across the country.

Each of these stores would be set up on an area ranging between 75,000 square feet and 1 lakh square feet. The group has plans to spend over Rs 5,000 crore on establishing its retail business in the next five years.