SPR Group, a leading real estate developer in South India, has signed a MoU with the Government of Tamil Nadu at the Global Investors Meet 2019 to invest Rs 5,500 crore. The Group has committed to invest the money over the next seven years in a number of projects across Chennai, including an integrated township spread across 65 acres at Binny Mills, near Perambur.
The SPR City Project will consist of India’s largest multi-commodity wholesale trade centre called Market of India, residential towers, world class School, mall and office buildings. The Market of India project is expected to generate more than 133,000 direct and indirect employment opportunities. One third will be direct, that is, one job for every 150 sq ft and the balance two-thirds will be indirect. Of the over 5.5 million sq ft planned, three million sq ft will go towards shopping area and 2.5 million sq ft will be dedicated to infrastructure, warehousing and parking.
Market of India, will have more than 5,000 shops and 300 retail outlets with world class infrastructure, warehousing, logistics supply and trade ecosystem. Around 1500 traders have already signed expressions of interest.
Hitesh P Kawad, managing director, SPR Group, said the company is setting up an integrated township that will serve as a wholesale gateway to India and South Asia. Market of India has been conceived and developed after a careful study of similar projects across China and other Asian countries.
Located just four kilometres from Chennai Central, Egmore and Parrys, the residential-cum-commercial project will aim to solve various problems such as congestion and infrastructure issues in Sowcarpet, George Town, Parrys, Ritchie and other market areas. Once fully operational, Market of India will offer cost-effective land solutions at just a fourth the prevailing market price.
For residential development, SPR City has already got approval for constructing 45 towers and 85 Bungalows. Shri Ram Universal School (from founders of Shri Ram and Lady Shri Ram College, Delhi) has agreed to set up a school at SPR City. For the retail mall, prominent players such as Lifestyle, Max, PVR Cinema, SPAR and Westside have already signed up.