Mumbai, Feb 8 (UNI) Chennai-based Marg Constructions Limited has announced that the launch of its mega infrastructure project - MARG Swarnabhoomi will be implemented in five years at a cost of one billion US dollars.
The Company informed the BSE that the project ''Swarnabhoomi'' would be spread over 1000 acres and include two notified Special Economic Zones for Multi services and Engineering sectors including auto ancillaries.
Commenting on the project, Company CMD G R K Reddy said, ''MARG Swarnabhoomi would be a city with the promise of plenty, peace and prosperity. Swarnabhoomi is strategically located off ECR with a scenic ambiance in the midst of large water bodies; it encompasses two notified SEZs designed as engines for economic growth and wealth creation. Designed as a global city with world class civil and social infrastructure, MARG Swarnabhoomi delivers the perfect setting for a work-life balance while promoting the walk-to-work concept.'' The Project had been designed to international standards by world renowned architects HOK, USA. The planned city would offer superior civic infrastructure, ample provision for residential units, 24-hrs water supply, power supply from the state electricity grid, optic fibre telecom and broadband connectivity, sewage treatment and desalination plants. The city's Social infrastructure would include educational institutions, wellness centres, shopping malls and a first of its kind destination mall. For sport aficionados, there would be an international standard golf course, sports and water sports facilities. The spectrum of housing options would be from affordable homes to luxury villas designed to bring in inclusivity.
MARG plans to invest in excess of USD 400 million in the project.
The SEZ projects will cover 612 acres and the MARG group has purchased in excess of 1000 acres of land outside the SEZ for the wholesome development of this zone. Basic infrastructure for the SEZ projects like road connectivity, power supply, sewage treatment facility and water supply is scheduled to be completed by year 2009.
The project is surrounded by the Cheyyur swamps and this makes the temperature about four degrees Celsius lower than Chennai.
The two SEZs in MARG Swarnabhoomi have been notified by the Board of Approval (BoA) of Indian Government and they have also received the Environmental clearances, the only Multi Services SEZ in South India, it would target global businesses in the fields of KPO Animation and Simulation Services; Market Research, Specialty Healthcare and Educational Institutions. The Engineering sector SEZ is designed to attract mainly the industries in the Auto Component and Ancillaries sector.
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