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Mumbai, Jan 12 Hindustan Construction Company has signed a memorandum of understanding with the Gujarat Government to develop a ‘Water Front City’ at Dholera with an investment of Rs 40,000 crore.

The MoU was inked with the Gujarat Infrastructure Development Board and the development would replicate the Lavasa project, a hill town which HCC is developing near Pune.

Sources said the Dholera project would span over 12 years and funding would be through internal accruals, private equity and bank assistance.

A new city will be developed over 4,000 acres in Dholera Special Investment Region (SIR) located at the Gulf of Cambay, about 129 km from Ahmedabad. Dholera is on the Delhi-Mumbai Industrial Corridor.

The project will have potential to generate 50,000 jobs. Construction will begin after a detailed project report, environmental impact assessment study and master plan are drawn up.

The development would be in accordance with the provisions in the Special Investment Region Act 2009, township policy of the Gujarat Government and other provisions concerning infrastructure development activities within or outside the assigned area.

Lavasa is being developed over 12,500 acres and will host a complement of global leaders in hospitality, tourism, education, healthcare, business research and industry. The company has already established tie-ups with international and domestic institutions such as ITC Hotels (Fortune Select) and Accor (Pullman, Novotel and Grand Mercure) in hospitality, Oxford University (Said Business School), Girls’ Day School Trust (UK), Ecole hotelier de Lausanne (Switzerland), Symbiosis (Pune) and Christ University (Bangalore) in education, besides Apollo Hospitals in health and wellness. The project is scheduled for completion in 2020.

Mr Ajit Gulabchand, Chairman and Managing Director of HCC, said, “The concept of new urbanism is gaining momentum globally and we are happy to initiate this modern and sustainable Water Front City in Gujarat, based on this model. We are confident of replicating our successful Lavasa business model which has already established a large network of business partners. The innovative nature of this project is matched only by the Gujarat government’s keen interest to develop world-class infrastructure in the state.”

A second MoU has been signed with the Narmada Water Resources, Water Supply and Kalpasar Department, for developing three water pipeline projects worth Rs 1,500 crore.

More Stories on : New Projects | Real Estate & Construction | Gujarat

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