By IANS
Chandigarh : Dubai-based construction giant Emaar and its Indian partner MGF Developers will invest Rs.160 billion for housing and infrastructure projects in Punjab.
Speaking to reporters here Friday, officials of both the companies said that the joint venture has several residential, commercial and other infrastructure projects lined up in the next 10 years.
Chief Minister Parkash Singh Badal laid the foundation stone of the mega-township project Mohali Hills, 10 km from here.
The project, spread over sectors 105, 108 and 109 of Mohali town adjoining Chandigarh, will be executed by leading Australian construction giant Leighton Developers.
The new sectors will have Spanish architecture adapted to Indian conditions and requirements.
Mohali Hills will be followed by other integrated township projects in Jalandhar and Ludhiana in Punjab. Each project will be spread over 400 acres.
Emaar-MGF executive vice-chairman and managing director Shravan Gupta said the three new sectors in Mohali would have 10,000 dwelling units in the first phase, to be completed in two years.
"The total investment of our joint venture in the next five years will be $12 million. We want to differentiate our housing and other offerings from what other developers are making," Gupta said.
Emaar-MGF regional head P.S. Sehgal said that the company was targeting the middle-class for its new housing projects.