Realty zooms in on low cost housing at Summit

In these times of slowdown, the state may find a huge respite with companies like Omaxe, Ozone and Galaxy, planning low cost residential projects in Gujarat during the final day of the Vibrant Gujarat Global Investors' Summit.

While real estate development company Omaxe Limited has announced an investment of Rs 10,000 crore for a township of houses affordable at Rs 12-14 lakhs, Ozone group has committed to an integrated township in the state at Rs 1,330 crore for a low cost residential project and industrial park. On the other hand, Galaxy group has signed a memorandum of understanding (MoU) for an investment of Rs 1,100 crore for a low cost residential project.

While a marine city will be developed at an investment of Rs 10,000 crore at half a million square feet office space at the Sabarmati riverfront by state owned urban bodies, ITC Ltd has committed to a 33 storey hotel in Ahmedabad. At the same time Gujarat International Finance Tec-City (GIFT) will develop a GIFT city in 550 acres of land at Rs 15,000 crore and Torrent Power will distribute power in GIFT city for Rs 2000 crore.

The other major investors in the sector are Godrej Properties with an investment of Rs 5,500 crore to develop a special integrated township in the state.

While a marine city will be developed at an investment of Rs 10,000 crore at half a million square feet office space at the Sabarmati riverfront, ITC Ltd has committed a 33 storey hotel in Ahmedabad. Shapoorji Pallonji has also committed to invest in the realty sector in the state.

The urban development sector of the state garnered a total investment of Rs 1,02,000 crore out of 257 MoUs that promise to generate an employment of 1,58,000.

Meanwhile, IL&FS has signed an MoU with the government for Rs 1000 crore to develop the Surat ring road project, Bharat Hotels will be investing Rs 3,500 crore for a hotel projects. New Era group is all set to bring in an educational park in the city at an investment of Rs 2000 crore .