Great things are happening in Chennai....Within few years, Chennai's (present) suburbs would develop beyond recognition and so one can imagine where the prices would be.Firangs are pumping in the money
but we remain ever so skeptical!!
Source: Business line
Integrated township planned near Mahabalipuram
A golf course and a business centre will also come up as part of the township.
The partners in the project are two Japanese giants — JGC Corporation and Mizuho Corporate Bank — and Singapore-based real estate developer Ascendas.
An integrated township for Japan's industries, housing and related social infrastructure to its employees along the lines they are used to at home is set to take shape early next year to the south of Chennai.
It's not just one more real estate development, but a facility that can foster closer ties between the industries here and that of Japan. Envisaged as a modern city, the township will facilitate investment by large, medium and high-tech industries in Japan into India, says Mr Shuhei Maruyama, Advisor Business Promotion, JGC Corporation, one of the partners promoting the township.
He told Business Line that large players such as auto giants have the capacity to make it on their own globally, but there are some relatively smaller players with global ambition who need a helping hand.
That will be the role of this township, he says.
The first question naturally? What is the proposed investment?
“Seriously large,” says Mr Maruyama with a smile. But, it is little too early to share the numbers. It is more than just an industrial estate with a residential section; it needs participation and support from the government and the local authorities to expedite the project.
For now, the timetable is in place. In January 2012, the process of arriving at agreements with companies that plan to take space at the facility will begin; prelease contracts are to be signed from March 2012; and land allotment is to commence from the third quarter of 2012.
The township is to come up approximately 50 km to the south of Chennai on Old Mahabalipuram Road, well-connected to National Highway 45, and to the industrial areas of Sriperumbudur and Oragadam industrial belt to the west and to the airport. The exact location, close to Mahabalipuram, cannot be divulged as there is a little land acquisition still on, he told participants at a seminar on infrastructure development in South India, organised in Chennai on Friday by the Confederation of Indian Industry and the Ministry of Economy Trade and Industry, Japan.
The partners in the project are two Japanese giants — JGC Corporation, a multibillion dollar company with diversified operations and Mizuho Corporate Bank, a megabank with assets totalling more than $880 billion and operations in approximately 30 countries — and a Singapore-based multinational real estate developer, Ascendas.
The three partners signed an agreement to develop the project in November 2010.
This brings together a company which has wide expertise, spanning infrastructure development from EPC to project management and implementation, and investing in infrastructure (besides having a presence in the environment, sectors), a bank with close association to Japanese blue chip companies, both of whom will be handling the business side of the township, and the Singapore-based developer who will handle the master planning.
This followed an agreement between Mizuho Corporate Bank and the Tamil Nadu Government's industrial facilitation arm, the Guidance Bureau in February 2010, to facilitate entry of Japanese companies into the State. The purpose of the agreement between the two was to facilitate entry of Japanese companies and set up investment in Tamil Nadu, a fast-growing economy in South India. At the township, more than 574 acres of industrial space and 700 acres of non-industrial space, including 450 acres of residential area, a 56-acre business centre with suburban offices, and 49 acres of retail and commercial space are to be created. A 110- acre golf course will also come up as a part the township. In the first phase, more than 400 acres will be developed in the township.
The target industries will be from a wide range of sectors, including autos, food and beverage, logistics, light manufacturing and a range of emerging sectors. Industrial infrastructure will be created to support these industries.
The company is expecting support from the State Government to facilitate clearances and expedite establishment of factories and offices. A single-window clearance facility, tax incentives and financial support would help, said a representative of Mizuho. A key factor is the localisation of product services, organisation and resource; financial support through public / private partnership and formation of an alliance / consortium is necessary for immediate realisation of the plans in the pipeline.