Chennai:
Ponneri in North Chennai is going to be investors
paradise as Mahindra Group is setting up Rs 400 crore industrial park in
collaboration with Japan's Sumitomo Corporation.
Sangeeta Prasad, Chief Executive Officer (Integrated
Cities and Industrial Clusters), Mahindra Lifespace Developers Ltd told
reporters that the industrial park would be set up near the proposed smart city
planned by Japan International Cooperation Agency (JICA).
The joint venture company, Mahindra Industrial Park
Chennai will come up in 650 acres of land in two phases. In the first phase a
total of 300 acres of land would be developed, she said.
“This is expected to be completed in financial year
2017-18,” said Prasad.
Interestingly, this will be Mahindra Lifespaces' second
project in Chennai, after the Mahindra World City.
She said that under the joint venture Mahindra would be
holding 60 per cent stake while Sumitomo Corporation would have 40 per cent
stake.
Interestingly, Mahindra is targeting an investment of Rs
2,500 crore in the industrial park, which will be located on the Chennai
Bangalore Industrial Corridor.
This could mean that Ponneri will have a industrial park
as well as a smart city, which is gaining shape under Japan International
cooperation Agency (JICA). The smart city is coming up in an area of about 25,000
acres in three phases.
Confederation of Real Estate Developers' Associations of
India (CREDAI) Chennai president Ajith Chordia told Express that Ponneri is
developing into a good satellite township. “It has all the ingredients and
could outgrow Orgadam which lacks rail connectivity.
“In Oragadam, one has has to look towards Singaperumal Koil
for rail connectivity but Ponneri has all forms of connectivity,” he said.
To a query on whether the land prices will appreciate in
Ponneri, Chordia said that lot of development is happening in there are people
are cautious on acquiring land parcels. “Let the government first designate the
land for roads, sewage treatment plants, storm water drains and other
infrastructure,” he said.
He also suggested that the government should follow the
Amravati model of land pooling for sustainable development in Ponneri
This comment has been removed by the author.
ReplyDelete