Emaar MGF launches township project to set foot in India

Mohali, June 1 (UNI) Emaar MGF, India's leading real estate developer, today announced the commencement of its project Mohali Hills to mark the beginning of company's plans which involves significant investments over the next few years across real estate projects in residential, hospitality, commercial and retail, education, healthcare, IT parks and SEZs.

The foundation stone laying ceremony of the project was performed here by Punjab Chief Minister Parkash Singh Badal.

Mohali Hills is the maiden mega project of Emaar MGF Land Private Ltd, a joint venture between the world's leading real estate company, Emaar Properties PJSC Dubai and India's estate developer, MGF Developments. The joint venture in Punjab involves a capital outlay of Rs 16,000 crore.

Speaking at a media conference after the foundation laying ceremony, Emaar MGF Executive Vice Chairman and MD Shravan Gupta said the company has emerged as India's foremost joint venture in real estate with projects being implemented on a pan India basis.

Emaar MGF has brought in the largest FDI in Indian real estate sector along with global collaborations that have introduced global best practices in the sector today, he added.

Spread over three sectors, Mohali Hills, the first ever integrated township to be built in Punjab, will include residential plots, town houses and villas along with convenient shopping malls, landscape gardens and recreational centres. The township will house special educational and wellness zones with fully-equipped hospitals, schools and colleges in order to provide institutional facilities of medical care and educationt to the residents of the township.

The township will also provide for opening of world class office and IT park spaces which in turn will give a fillip to industry, business and IT in the state.

Mohali Hills is the culmination of a MoU between the Punjab government and Emaar MGF to develop 5,000 acres of land in different parts of Punjab--- Mohali, Ludhiana, Jalandhar and Amritsar, through integrated township projects and urban infrastructure development projects.

Commenting about the company's presence in Punjab, Mr Gupta said the state goes with the company's vision of 'Creating a new India'.

''We are committed to Punjab and its real estate development in partnership with the people and the government of Punjab.'' Mr Gupta stated that each project would bring in a cascade of benefits for the particular states where these are developed. A single large township will generate demand for FMCG, household items, cement, steel etc approximately in the range of Rs 30,000 to 40,000 crore.

Each large township wil benefit the states with revenue earning of about Rs 1,000 crore mainly by way of stamp duty, VAT and service tax. The townships are expected to create employment opportunities for over 50,000 people.

UNI