Gammon, MP join hands for land development

Mumbai: Gammon India inked a deal with the Madhya Pradesh government to develop South Tatya Tope Nagar into a central business district.

The company is awaiting clearances from the state government. The government had roped in India Infrastructure Initiative (III) facility of IDFC and Feedback Ventures as project advisors to select the developer for the Rs 338-crore deal for the 15 acres.

Under the pact, the land will be given on lease for 30 years for setting up of retail and office space, multiplex, hotel, and other commercial spaces.

The total investment is envisaged to be over Rs 800 crore.

The development of this strategically-located land had been pending for many years. The Housing Board was nominated as the nodal implementation agency.

“Signing of this project signifies the ushering in of the PPP (Public Private Partnership) era in the State of Madhya Pradesh in urban redevelopment space,” said Suresh Kumar, chief operating officer of III, said.

“Gammon’s first project in the country was Gateway of India and we are committed to make this project the Gateway of Bhopal,” said Virag Gupta, director, Gammon Realty Ltd.