Big-wigs in real estate business Emaar-MGF and Shipra group have shown eagerness to invest around Rs 8,500 crore in Punjab. Both the groups have already submitted their plans to the Punjab government which will be reviewed in the screening committee soon. Emaar-MGF infrastructure group, a joint venture between Dubai-based realty major Emaar and Delhi-based MGF, is planning to set up super mega mix industrial park in Punjab with capital outlay of Rs 5,000 crore. The company has demanded 1,500 acre of land in Mohali, 500 acre in Jalandhar and 750 acre in Ludhiana. For this project, the company will raise the funds through own equity, debt and joint ventures. Delhi-based Shipra group is also looking forward to build industrial parks and residential townships in Derbassi on approximately 1,150 acre. The investment into the project has been estimated at Rs 3,500 crore. The company is in the progress to acquire land in Nagla, Bhankarpur, Singapur and Shatabgarh villages. The plan includes setting up of industrial park, residential plots, golf course, club house, town centre, stadium and sporting centre, high rise structure, five star, malls and multiplex. The project is expected to generate employment for 98,000 persons and the company has proposed to implement the project in 60 months. Shipra?s flagship business has always been real-estate in northern India, but now the group is foraying in hospitality.
