MIHAN Project - SEZ Update Thread

[radioactive]

[jateenb]

The city may have one more IT park in the coming days, a project that could have come up much earlier but for an abrupt change of approach by Nagpur Improvement Trust (NIT). The project will come up on 2 acres NIT land behind the existing Infotech tower in Parsodi.

http://articles.timesofindia.indiati...st-ground-rent

[vasantp]

Mahindra LifeSpace

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[siddhant4u]

http://www.mahindralifespaces.com/bl...ilestones.html

the site is up and running and has project details added now.

[vasantp]

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[RiteshD]

http://www.business-standard.com/ind...encies/465901/

[vasantp]

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[vasantp]

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[_GrapeWine_]

MADC mulls rate hike for Mihan land

Source - TOI
Shishir Arya Feb 25, 2012, 01.57AM IST

NAGPUR: The Maharashtra Airport Development Company (MADC), which will be finalizing its deal with IT major Infosys Limited to lease 140 hectares of land in the Mihan-SEZ on February 28, feels it's time to revise the land rates. The MADC, which is the promoter of the Mihan project, says revision is necessary due to growing demand and changing times.

This was revealed by MADC's vice-chairman-cum-managing director UPS Madan who was in the city to attend a business seminar. Since 2007, the MADC has been charging Rs 60 lakh an acre.

"There was no hike due to global recession. Revised figures will be put up before the board for a final decision," said Madan.

So far, the MADC has hiked the rates 3-4 times after starting from Rs 19 lakh an acre in 2004. "Even though there are cheaper SEZs in the country, Mihan can command a higher price due to the infrastructure here," said Madan.

Madan said that things have begun to move once again in Mihan. "IT companies which have been allotted land have now drawn plans to start work. TCS too plans to start its project by next month. Satyam and HCL too will do likewise soon," he said.

With focus now shifting to the manufacturing sector, the MADC is wooing pharmaceutical industries to the SEZ. "I have written to top 100 companies in the sector and negations are under way with a few. One of them is keen to take 200 acres of land," said Madan without naming the company. "Lupin Pharma has also revived its interest in getting around 20 acres."

Madan is also optimistic of resolving the land swap issue with the Indian Air Force (IAF) and giving a boost to the cargo hub project. The plan is IAF, which has a transport base near the airport, shifting to another site with MADC taking over the land. MADC will be offering 400 hectares instead of 278 hectares that it will take from IAF. MADC needs the IAF land as it requires a contiguous patch for the cargo hub being developed along with the SEZ.

This was being held up due to various reasons with the latest problem being Airports Authority of India (AAI) claiming ownership on around 100 acres held by IAF even though the former is a joint venture partner with the MADC in the cargo hub. Madan said that the union civil aviation secretary, who visited Mihan recently, said he will take up the issue with his counterpart in the defence ministry.

"The aviation ministry will try and ensure that even if dispute continues the land is first transferred to Mihan India Limited (MIL)," said Madan.

"Tenders for inviting the third partner for the airport are likely to be issued by June. Hopefully, the land swap issue will be resolved by that time," he added.

The tenders for a taxiway to reach Boeing's MRO will be invited by March but the MADC is exploring ways to reduce the cost pegged at around Rs 80 crore at present.

[radioactive]

[radioactive]

[_GrapeWine_]

Ad in The Hitavada

[vasantp]

Originally Posted by radioactive

What is status of TCS work? Have they started? I am confused. Why this talk of extension after laying foundation stone just a month ago? I think these people are making fun of Vidharbites. They just want to reserve chunks of vast land at pittance for their future (just to sell off at higher prices) without initiating any substaintial activity in immediate future. A talk of extension to LOI just after a month of foundation stone without intiating work is foolish.

They say "due to certain unforseen obstacles". What are these unforeseen obstacles just a month after laying foundation stone. They were not there a month back. Remember they had three prior extensions to LOI. They are demanding one more immediately after foundation stone laying. Do they think people are fool.

[_GrapeWine_]

I think you are misinterpreting the news here. There is nothing like "LoP for starting construction". There is "LoP for starting operations" only.

- When TCS first got the land, they got LoP for starting the project in three years. Which they couldn't.. due to global slowdown.
- It was then extended for one more year (ending in April 2012), again for 'starting operations'. But there was delay due to unforeseen reasons, and this deadline can not be met too.
- Now that they have started construction already, they want LoP for starting operations to be extended till April, 2014. This means, first phase will be operational in 2014. 2nd last sentence says "in the light of positive development and construction which is in full swing".

[_GrapeWine_]

From Hitavada -

[vasantp]

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[_GrapeWine_]

Originally Posted by vasantp

Are you sure, the construction has started? I dont believe Hitavada, because the last time I visited there was no work underway.

No I am not as I didn't go to the site recently.. but Hitavada says so
but that's not the point. Point is, in my opinion, TCS is asking for extension to LoP for starting operations in 2014.

[_GrapeWine_]

From Hitavada -

[vasantp]

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