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City Lights: Industrial cities under DMIC may attract $100 billion investment
Press Trust of India Posted online: Sat May 11 2013, 02:03 hrs

Industrial cities under DMIC may attract $100 billion investment New Delhi: Industrial cities to be developed as part of the Delhi-Mumbai Industrial Corridor (DMIC) project are expected to attract investment of about $90-100 billion over the next thirty years, Parliament was informed. It is expected that the development of industrial cities with world class infrastructure would involve/attract an estimated investment of around $90-100 billion over the next thirty years, minister of state for commerce and industry D Purandeswari said in a written reply to the Rajya Sabha. During the first phase of of the DMIC project, the government has approved financial assistance of Rs 17,500 crore at an average of Rs 2,500 crore per city (subject to a ceiling of Rs 3,000 crore) for the development of seven industrial cities. The seven cities include Dadri-NoidaGhaziabad Investment Region, Manesar-Bawal Investment Region, Khushkhera-Bhiwadi-Neemrana Investment Region and Ahmedabad-Dholera Investment Region. The minister also said the project would generate employment to about 2.8 crore people. The employment needed to create the estimated value of output as per perspective plan of DMIC is estimated to be 9.1 million in 2020, 17.5 million in 2030 and 28.7 million in 2040, Purandeswari added. The process of land acquisition is in progress in the states of Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra and master planning has started in Uttar Pradesh. Three airports - in Rajasthan and Gujarat- are also proposed under the DMIC project. Maharashtra attracts Rs 3 lakh crore investment in realty sector Mumbai: Maharashtra accounted for nearly 20 per cent of the total Rs 14 lakh crore outstanding investments attracted by the real estate sector as of March 31, industry body Assocham has said. The state attracted Rs 3 lakh crore outstanding investments in the real estate sector as of March 2013, Assocham said in a report. The realty sector accounts for over 11 per cent share in total outstanding investments worth over Rs 122 lakh crore attracted by different sectors from various public and private sources across the country. Maharashtra is one of the top five states, including Gujarat, Haryana, Karnataka and Andhra Pradesh, with the highest share for attracting maximum outstanding investments in the real estate segment across India, the report said. However, new investments in the realty sector in Maharashtra plummeted by over 55 per cent during FY12 and FY13, it added. Currently, Maharashtra, Gujarat, Haryana, Karnataka and Andhra Pradesh account for over 70 per cent of the total outstanding investments attracted by realty sector across India. However, West Bengal did not receive any investment, either foreign or domestic, in the real estate sector in FY13. The state of West Bengal has absolutely no share in the total value of new investment commitments worth over Rs 42,000 crore made by the domestic and foreign private sources in the real estate sector across India in the last fiscal, the report said. PTI

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