Real estate development tops investment commitment in Magnetic Maharashtra summit
The biggest commitment listed by the organisers is an investment of Rs 1 lakh crore by Credai, an apex body of Private Real Estate Developers Associations, Maharashtra, to make 5 lakh homes.
PB Jayakumar New Delhi Last Updated: February 19, 2018 | 19:48 IST
Most of the large ticket sized MoUs signed so far in Magnetic Maharashtra investment summit are to develop affordable homes and for infrastructure development. The biggest commitment listed by the organisers is an investment of Rs 1 lakh crore by Credai, an apex body of Private Real Estate Developers Associations, Maharashtra, to make 5 lakh homes. A similar investment commitment has been made by the Maharashtra Chamber of Housing Industry (MCHI- Credai) in the Mumbai region with an investment commitment of Rs 75,000 crore to make 2.5 lakh crore homes. Another Rs 90,000 crore commitment is from the National Real Estate Development Council to make 3 lakh homes.
A major private sector real estate investment commitment is from Khaleej Commercial Bank and Bhumi Raj for Rs 50,000 crore to make 2 lakh affordable homes. Poddar Housing has committed an investment of Rs 20,000 crore to develop 1 lakh homes. In Pune, Mangal Namoh Grihanirman has committed Rs 25,000 crore to develop 90,000 affordable homes.
In Palghar, the commitment is to invest Rs 12,000 crore to develop an industrial city by various investors.
Apart from the Rs 60,000 crore committed by Mukesh Ambani in developing country's first-ever 'Integrated Industrial Development Area' in the state over the next 10 years, K Raheja Developers has committed Rs 4850 crore in warehousing and logistics and Yes Bank Rs 10,000 crore to support SMEs in the state.