Under Smart and Sustainable City Development, MoUs signed between the urban development department and 8 real estate developers
Investment of Rs. 7,460 crore committed, more than 4,750 employment opportunities created
Under the visionary leadership of Prime Minister Shri Narendra Modi, and prior to the upcoming 10th edition of the Vibrant Gujarat Global Summit scheduled for January 2024, Chief Minister Shri Bhupendra Patel has been actively driving the process of signing Memorandums of Understanding (MoUs) with diverse industry sectors. The State Government has embarked on a weekly initiative to finalize such MoUs with various industries, resulting in the successful completion of 39 MoUs, with anticipated investments totaling Rs. 18,486 crore thus far.
Continuing in this series, under the leadership of Chief Minister Shri Bhupendra Patel, the State’s Department of Urban Development, focusing on Smart and Sustainable City Development, has recently entered into a significant Memorandum of Understanding (MoU) with real estate developers as a preliminary step leading up to the Vibrant Summit taking place this week.
With the presence of Chief Minister Shri Bhupendra Patel, eight developers have signed Memorandums of Understanding (MoUs) with the Urban Development Department. These MoUs, with a combined value of Rs. 7,459.68 crore, pertain to commercial and residential projects in metropolitan cities such as Ahmedabad, Vadodara, and Surat.
Work on these projects will begin quickly, with a projected completion timeframe spanning from 2026 to 2028. These initiatives are expected to create employment opportunities for approximately 4,750 individuals. The achievements of the Vibrant Summit in Gujarat have prompted significant investments and industrial ventures.
Thus the Memorandum of Understanding (MoU) between municipal bodies and real estate developers will play a pivotal role in fulfilling the aspiration for world-class amenities in the state’s metropolitan areas, while also modernizing commercial and residential infrastructure in line with modern requirements.
The state government will gain from the expertise in the construction sector, which includes seasoned developers and the construction industry with a proven track record in the development of extensive buildings and large-scale housing projects.
Sustainable urban development, encompassing initiatives like smart city developments, solid waste management, and the housing sector, is poised to contribute significantly to substantial job creation.
It’s worth noting that the Construction Rules of 2020 have incorporated specific provisions for the construction of high-rise buildings, defined as those exceeding 100 meters in height, within the state’s five major cities, which are Ahmedabad, Vadodara, Surat, Rajkot, and Gandhinagar.
As a result, these metropolitan areas will witness the inception of fully corporate buildings and ambitious commercial projects that maximize land utilization. These MoUs are expected to bring potential investments of Rs. 6,601 crore for four projects in Ahmedabad city. Furthermore, agreements have been formalized for investments amounting to Rs. 450 crore in Surat and Rs. 410 crore in Vadodara.
The MoU signing ceremony was attended by Minister of Industries Shri Balwant Singh Rajput, Chief Secretary Shri Rajkumar, as well as senior departmental secretaries in the fields of Industries and Urban Development. Municipal commissioners from Ahmedabad, Surat, and Vadodara were also present to exchange MoUs with the respective developers.
Source: Information Department, Gujarat