SPR Group Signs Rs. 5500 crore MOU with Government of Tamil Nadu at the Global Investors Meet 2019

 To generate 133,000 employment opportunities  

Chennai, January 29, 2019: SPR Group, a leading real estate developer in South India, signed an MoU with the Government of Tamil Nadu at the Global Investors Meet 2019. SPR Group has committed to invest Rs. 5500 crores over the next 7 years across Chennai, including in the development of an integrated township, Market of India, spread across 65 acres at Binny Mills, Perambur.

The SPR City Project will comprise of India’s largest multi-commodity wholesale trade centre – Market of India, residential towers, world class School, Mall and Office buildings. The “Market of India” project is expected to generate more than 133,000 employment opportunities both direct and indirect. 1/3rd will be direct i.e 1 employment for every 150 sqft and the balance 2/3rd employment will be indirect.   Spread over 5.5 million sqft, 3 million sqft is planned towards shopping area and around 2.5 million sqft will be dedicated to  infrastructure, warehousing and parking.

The multi-commodity wholesale trade centre, Market of India, will include more than 5,000 shops and 300 retail outlets with world class infrastructure, warehousing, logistics supply and trade ecosystem.  Of the above total 5000 shops, around 1500 traders have already signed Expression of Interest.

Speaking on the MOU, Mr. Hitesh P Kawad Managing Director, SPR Group said “SPR Group is committed to the promotion and development of the state. The integrated township will serve as a wholesale gateway to India and South Asia. Market of India has been conceived and developed post careful study of similar projects across the China and Other Asian Countries.  We have taken the best and most positive aspects of these projects and customised them to an Indian context for the success and longevity of the project.  To aid Make in India, we have come up with Trade In India.

Market of India will have a Three Dimensional impact on economy of Tamil Nadu in following manner:

• Provide avenues to Indian manufacturers to market goods, thus aligning with Make in India goals
• Increase Business Tourism across domestic and international market
• Urban Transformation – by providing alternative to old markets marred by obsolete infrastructure

We will be benefited by the single window clearance and active government support in creating necessary infrastructure.”

Located just 4 kilometres from Chennai Central, Egmore and Parrys, the residential cum commercial project will aim to solve various problems such as congestion and infrastructure issues in Sowcarpet, George Town, Parrys, Ritchie and other market areas. Market of India once fully operational will offer cost effective land solutions at just 1/4th the prevailing market price.

For residential development, SPR City has already got approval for constructing 45 floors towers and 85 Bunglows.  Shri Ram Universal School (from founders of Shri Ram and Lady Shri Ram College, Delhi) has agreed to set up a school at SPR City. For the Retail mall, prominent players like Lifestyle, Max, PVR Cinema, SPAR and Westside have already signed up.

Corporate Comm India(CCI Newswire)