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Developers gung-ho on Gujarat prospects

At the Fifth

Vibrant Gujarat Global Investors Summit, corporates evinced keen interest in participating in the booming real estate market.

Virendra Pandit

At the recently-concluded Fifth Vibrant Gujarat Global Investors Summit (VGGIS), 2011, some big-ticket players evinced interest in participating in the booming real estate market.

Plans for real estate projects figure prominently in the proposed investments of Rs 2.26 lakh crore for which MoUs were signed by various entities with the State Government in the urban development sector,

Even as Godrej Properties Ltd announced the launch of the third phase of its project — Godrej Garden City in Ahmedabad earlier this month, Tata Housing Development Company Ltd and Mahindra Lifespaces Developers Ltd have also come up with plans in this sector, announcing nearly Rs 4,000 crore worth of planned investments.

M&M plans

The farm equipment-to-software group, Mahindra & Mahindra, said on January 12 that it will invest Rs 3,000 crore in Gujarat in the hospitality and real estate sectors. Mr Anand Mahindra, Vice-Chairman and Managing Director, announced during the event that his Group has signed six MoUs with the State Government with regard to these investments.

Mahindra Lifespaces, the real estate development arm of the $7 billion M&M Group would develop Mahindra World City spread across 500 acres , he said. Other details of the projects are yet to be announced.

Also, another group company, Mahindra Holiday & Resorts, that runs the Club Mahindra resorts, will open seven new resorts in Gujarat. Green thrust

Tata Housing announced investments to the tune of Rs 1,000 crore and signed a MoU with the State Government. Mr Brotin Banerjee, MD and CEO, Tata Housing, said the company, as part of its long-term strategy, was looking at creating a presence in the fast-growing Tier I and II cities and towns as well.

Tata officials said the Gujarat projects, like other properties of Tata Housing, will be constructed under the guidance of Indian Green Building Council . .

Recently, Tata Housing has also pioneered the concept of sustainable integrated green township development, and also theme-based development, making it the only player having holistic approach to the real estate segment.

Aggressive marketing

The third major player, Godrej Properties, also launched the third phase of GGC by aggressively marketing its up-and-coming township in Ahmedabad, offering two and three BHK apartments in sizes ranging from 1,100 to 1,350 sq ft.

The first two phases of GGC, launched last year, have already been sold out. GGC, spread over 250 acres, is located within the Ahmedabad Municipal Corporation limits and plans to house more than 13,000 apartments and villas, 40 acres of landscaping and open areas and commercial spaces when completed in a decade's timeline.

Mr Pirojsha Godrej, Executive Director, GPL, said the company had already sold about 1,200 apartments at GGC in the first two phases. These are expected to be completed in the next couple of years.

GPL, in a joint venture with M/s Shree Siddhi Group of Ahmedabad, plans to create facilities for education, health-care, recreation, hospitality, retail and banking within the development. There will also be civic facilities and public utilities.

The master plan has been created by world-renowned architects Skidmore, Owings and Merrill (SOM) and the project's construction will be carried out by L&T.  GGC will be sustainably developed and has been selected as one of 16 projects from around the world to partner the Clinton Climate Initiative in the goal of creating a climate-positive development.

More Stories on : Real Estate & Construction | Real Estate & Construction | Gujarat

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