At Greater Noida, UP govt begins work on creation of industrial township
The 750-acre township will be precursor to creation of a smart city in Dadri-Noida-Ghaziabad region
Aug 18, 2014
Source : The Financial Express
industrial corridor project

 

 

The government of Uttar Pradesh has signed an agreement with the Delhi-Mumbai Industrial Corridor (DMIC) Development Corporation for the creation of a Special Purpose Vehicle (SPV), which will oversee the creation of an integrated industrial township spread over 750 acres in the Greater Noida region.

The DMIC spans around 1,500 km and Uttar Pradesh is one of the states involved in the project. The township would be fully developed over 30 years, in six phases of five years each. The master plan for the township is ready and awaiting approval.

An official of the UP government said that the township, located at the border of Greater Noida, towards the south east, will have over 50 per cent of land dedicated to industries with an emphasis on IT parks, biotechnology and R&D. “This is one of the projects which are coming up along the DMIC and is a precursor to a larger investment region, or a smart city, located close to it, called the Dadri-Noida-Ghaziabad Investment Region (DNGIR) which will be developed on similar lines as the township,” the official said.

Under the agreement for the township, the state government has allotted land to the DMIC Development Corporation. The DMIC Trust, which is the funding agency for the project, has contributed around Rs 620 crore for the development of the trunk infrastructure. “Since it is a 50:50 partnership between the two agencies, the acquisition value of the land equals around Rs 620 crore and no development charges have been added,” the official added.

Sources say that the DNGIR, is only one of the approximately 25 smart cities that have been planned over multiple phases from Dadri to Mumbai within a parallel stretch spanning 300 kms around the DMIC and running along it. The DNGIR will be spread over 50,000 acres.

A source said that in the first phase, seven smart cities have been planned. There would be one each in UP, Haryana, Rajasthan, Maharashtra, Madhya Pradesh and two in Gujarat. “SPVs will be created for all of them in the future to oversee their construction. But right now, consultants are working on plans of these cities that concern development of trunk infrastructure. No strict timelines have been attached to these projects,” the source said.

Another official explained that since the DMIC is intersecting with Eastern Dedicated Freight Corridor at Dadri in UP, a multimodal logistics hub was being planned there along with a multimodal transport hub planned.

Latest Realty News

Decks cleared for multilevel parking in Sector 29
Aug 18, 2014
HUDA has finished working on the modalities of its proposed multilevel parking project in Sector 29, which will have a capacity to house 1,300 cars
People protest as apartments delayed, builder cries political plot
Aug 18, 2014
About 100 residents of Panchkula held a protest near the upcoming Ess Vee Apartments in Sector 20 on Sunday, alleging that the builder had not given them possession of apartments although they had paid 90 per cent of the cost
Cities With Highest Property Prices: Mumbai Tops The List
Aug 18, 2014
With the rise in urbanization, many people in India now rush towards urban areas to settle down. And as such, property rates in major Indian cities are witnessing sharp rise between June 2012 and May 2014, according to data by real estate firm research firm PropEquity.
Green brake on Noida mall, 4 realty projects
Aug 18, 2014
DLF's Mall of India, which is coming up in Noida's Sector 18 and has been billed as the country's largest retail space, and four big-ticket realty projects in Sector 75 have been asked to "stop all construction" till they get a clearance from the National Board for Wildlife
Delhi High Court ruling, budget sops to bring in PE funds to realty market
Aug 16, 2014
A Delhi High Court ruling on gains from compulsorily convertible debentures along with a slew of measures announced in the budget to spur the real estate sector are likely to encourage foreign private equity funds to invest in the country's real estate market,
Donald Trump: 'India's real estate market will pick up'
Aug 16, 2014
In the world of luxury property there are few more famous faces than Donald Trump - the multi-billionaire who built his fortune through New York real estate.
Gr Noida flat buyers get a chance to raise objection
Aug 16, 2014
The Greater Noida Authority has started publishing notices in Hindi-language newspapers regarding clearance of layout plans, maps and floor area ratio (FAR) of various real estate projects
Commercial plots scheme launched in twin cities
Aug 16, 2014
The twin authorities of Noida and Greater Noida launched commercial schemes for entrepreneurs and investors ranging from 80 sq metres to 372 metres in size in Noida and shops and kiosks in Greater Noida
FIR against realtor in fraud case
Aug 16, 2014
Gurgaon's Sadar police station has registered an FIR against Unitech Realty and seven people in an alleged multi-crore fraud case, following a court order
India real estate funds look to raise $1 bn from overseas
Jul 29, 2014
Indian real estate-focused private equity (PE) funds are hoping to raise around $1 billion from overseas investors, two people familiar with the matter said. Last year, realty funds managed to mop up close to $370 million from international markets, data from VCCEdge shows. Among the key realty funds that are in the market for money include Red Fort Capital, ASK Group, HDFC Property Fund and JP Morgan, these people said.

Latest Realty News Of State

Realty Talk's