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ILFS and DLF stole the show with whopping investments of Rs 50,000 crore (Rs 500 billion) and Rs 30,000 crore (Rs 300 billion) respectively. Interestingly both these MoUs were signed for the development of integrated townships in the state.
A total of 106 MoUs were signed for township projects with an investment of Rs 80,995 crore (Rs 809.95 billion).143 MoUs were signed in the infrastructure sector with an investment of Rs 1,14,481 crore (Rs 114.481 trillion) while 63 MoUs were signed in commercial sector with a total investment of Rs 9,684 crore (Rs 96.84 billion).
In all 312 MoUs were signed with a promised investment of worth Rs 2,05,000 ($46.62 billion).
The MoU signing ceremony saw such a heavy rush that the podium erected for the MoU signers came down crashing soon after ILFS signed the MoU for Rs 50,000 crore. However, no one was injured in this little incident.
Some of the companies which signed MoUs during the event included Parshwanath Infrastructure(Delhi), Shyam Buildcon, Jolly Infrastructure, L&T, Narayan Housing and Ganesh Housing, Reliance Industries and others.
Savvy Infrastructure Ltd signed an MoU worth Rs 2,500 crore (Rs 25 billion) for development of integrated township while Subhash Projects signed an MoU worth 5000 crore, Jolly Infrastructure signed an MoU worth Rs 2,170 crore (Rs 21.70 billion) for integrated township.
Regent developers signed an MoU with an investment of Rs 1,675 crore (Rs 16.75 billion), Narayan Housing signed an MoU worth 650 crore (Rs 6.5 billion), NG Patel group(Gallops) signed an MoU worth 500 crore, Parshwanath builders signed an MoU worth 624 crore (Rs 6.24 billion), L&T signed an MoU worth Rs 600 crore (Rs 6 billion). UTI Infrastructure Fund signed an MoU worth 1000 crore (Rs 10 billion) for setting pool finance for 160 municipalities of the state.
The largest investment was promised by funding agency ILFS with an MoU worth Rs 50,000 crore. The agency will fund various developers for townships and infrastructure projects as well and it is said that the agency is also pondering to enter into real estate sector through joint ventures with developers.
DLF will develop integrated townships in three cities with a proposed investment of Rs 30,000 crore (Rs 300 billion).
Siddhi Vinayak Infrastructure signed an MoU worth Rs 391 crore (Rs 3.91 billion) and Gujarat Gold Merchant Association signed an MoU with a proposed investment of Rs 150 crore (Rs 1.5 billion) to set up a gold jewellery park in the state. Siddhi Corporation proposed an investment of Rs. 500 crore for developing an IT park in the state.
Richard Clifford of World Bank said that the World Bank is looking forward to long term investment in the state. "As a part of this a Rs 600 crore project is in the final stages with the state government to provide basic amenities and basic civic services in the 10 secondary cities of the state. the project is on the verge of finalisation," Clifford said.
Concluding the event Anil Baijal, former secretary, urban development, Government of India, stressed on the need of a policy or a legislation to set up a land title certification system which will make the real estate business more transparent and more trustworthy.
"The land market is not very transparent in the country and to make it trustworthy and more transparent a land title certification system is the need of the hour. The certification should be done by the state government and if the title and the contract is wrong then the buyer should be compensated. For this, a regulator should be appointed who will not regulate the pricing but will ensure that the land deals are made in a fairer and more transparent manner," Baijal said.
