IIM-I grads to lure investors

IIM-I grads to lure investors BHOPAL: Students of Indian Institute of Management (IIM) at Indore have been assigned the job of telling investors about Madhya Pradesh’s USP at the two-day Global Investors Summit starting Friday at Indore, 186 km from the state capital. “In all, 150 management students of top business schools, including Indian Institute of Management and Prestige Institute of Management and Research, are being prepared to help investors and businessmen by apprising them of the advantages of investing in the state,” said an official. A special workshop for the students was held at Indore recently, he added. “The selected students had gone through tough training and each one would have the responsibility to highlight the positive aspects of investing in Madhya Pradesh to participating businessman and investors,” IIM Indore director GP Parashar said. At the workshop, state public works department minister Kailash Vijaywargiya asked the students to consider themselves part of this prestigious event and highlight Madhya Pradesh and Indore before investors in an effective manner. “The summit would provide a good opportunity to interact with business achievers and learn from their experiences,” the minister told students, advising them to keep abreast of the latest in infrastructure development and energy sectors in the state. Indore divisional commissioner BP Singh asked the students to inform themselves fully about hydropower projects of Omkareshwar and Indira Sagar near Indore, besides the state IT policy and the initiatives taken to promote e-governance in the state.

MP to make industrial policy to be more investor friendly

BHOPAL: Madhya Pradesh government on Friday said it will amend the industrial promotion policy to make it more investor-friendly.

"While making amendments in the policy, suggestions from industries and business would also be considered," a top-level government official told reporters here.

He said the government has also decided to provide capital and interest grants to investors.

Small scale industries with an investment of Rs 20 lakh in technology parks would be given 20 per cent interest grant while industries with an investment of Rs five crore and above would get a grant of 15 per cent. He said the limit of grant is fixed at Rs 1.5 crore.

Under the amended policy, the district-level committee would have the power to clear Rs 10 crore investment projects, termed as mega projects. The amendments would be made in the mega project policy also, he said.

He said special package would also be provided to the biotechnology sector under the proposed amendments.

"The special package for biotechnology industries includes doubling of 'floor space index' and 40 per cent allotted land could be used for related purposes as also for services," he said, adding industries employing more than 500 people would be granted 50 per cent concession for their leased land.

The state government's decision coincides with the two-day Global Investors' Summit which began in Indore today.

From: http://economictimes.indiatimes.com/Latest_News/MP_to_make_industrial_policy_more_investor-friendly/articleshow/2492389.cms

Anil Ambani in Indore for GIM

Global Investors to Hold Summit in Indore Pervez Bari, Arab News

BHOPAL, 22 October 2007 — The preparations are underway on a war-footing for the Global Investors Summit to be held at Indore, the financial capital of central Indian state of Madhya Pradesh, on Oct. 26-27. According to sources, the upcoming Global Investors Meet of the Madhya Pradesh Government got a boost with around 340 investors attending. Of them, about 100 investors would be from abroad. Investors from the United Kingdom, US, Gulf countries, Scandinavia and Far Eastern countries like Singapore and Malaysia have confirmed to attendance. Many Indian top industrialists will attend, including Anil Ambani. The investors can invest in real estate, tourism, ago-industries or information technology sectors. Preparations were reviewed during a meeting with the Chief Minister Chouhan at Indore. Chouhan said that the summit would facilitate inflow of “quality investment” in the state and it would be a landmark event in the history of the state’s industrial development. He said the main idea behind the meet was to sell Madhya Pradesh as an investment destination to the world. “Madhya Pradesh will become the talking point in India and hopefully in the world,” he said. He said prospects of rapid industrialization of Madhya Pradesh had increased, adding that the state government would pay attention to development of small-scale industries and try to solve the problems of local industrialists. He said that a 300-day action plan was being implemented for development of small-scale industries. Meanwhile, the students of Indian Institute of Management (IIM), Indore, have been assigned an important role in the Global Investors Summit-2007. From: http://www.arabnews.com/?page=6&section=0&article=102719&d=22&m=10&y=2007

Parsvnath to launch Rs 800 cr residential project

MUMBAI: Realty major Parsvnath Developers on Thursday said it will launch a residential township in Indore at an investment of Rs 800 crore over the next three years.

The township, to be developed on over 200 acres of land, would offer multistory condominium, villas and plots for cosmopolitan community living, Parsvnath said in a communique to the Bombay Stock Exchange.

"Parsvnath City is a strategic development being set up in the vicinity of upcoming Parsvnath IT/ITeS SEZ, to extend a 'walk to work concept'" Parsvnath Managing Director Sanjeev Jain said.

The project is being constructed along the Rs 2,100 crore IT/ITeS SEZ spread over 78 acres of land. The SEZ would have a built up processing area of 7.47 million sq ft and would offer 40,000 potential direct employments.

Parsvnath would offer four categories of plots ranging from 1,548-3,825 sq ft in the first phase and would to be priced at Rs 8 lakh onwards, the company said.

The project would be ready for occupancy within three years from the commencement of construction, the realty major said.

Shares in the company were last trading 0.46 per cent up at Rs 373 on the BSE.

From ://
http://economictimes.indiatimes.com/Latest_News/Parsvnath_to_launch_Rs_800_cr_residential_project/articleshow/2470629.cms

M&A bug hit's Indore too :D

Lemon Tree Hotels expands into Aurangabad & Indore

From Moneycontrol

http://www.moneycontrol.com/india/news/pressnews/lemon-tree-hotels-expands-into-aurangabadindore/23/10/308148

The Lemon Tree Hotel Company announced the addition of Hotel President Park in Aurangabad and Hotel Planet in Indore, to the Lemon Tree Hotel network, today. Lemon Tree Hotels has acquired these hotels in Indore and Aurangabad effective 15th October 2007, on a long term lease.

Both hotels will continue with the existing names till the end of 2007 and will be shut down in the first half of calendar year 2008 for extensive renovation and refitment to meet Lemon Tree brand standards. The refurbished properties, aggregating over 180 rooms, will subsequently be re-launched as Lemon Tree Hotels before the end of calendar year 2008.

The transaction value amounts to approximately Rs.40 crores inclusive of deposit and renovation/refurbishment costs, and exclusive of revenue share over the term of the lease.

Mahajan & Aibara were the sole advisors to the transaction.

Patu Keswani, Chairman & Managing Director, Lemon Tree Hotels says “The addition of these two hotels to the company is value additive from two perspectives: it immediately extends the distribution of Lemon Tree Hotels into two key emerging cities and will also enable the company to test the validity of its business model via inorganic growth.”

MP-GIS 07

MP gears up for Global Investors Summit-'07

The Madhya Pradesh government has invited about 1,462 top industrialists and investors from India and abroad at the Global Investors Summit-2007 beginning October 26 at Indore.

Preparations for the two-day event in the state are nearing completion, state Public Works Department Minister Kailash Vijayvargiya said.

Trade and Investment Facilitation Corporation Ltd (Trifac) Managing Director Praveen Garg said that the state government has invited 1,462 top industrialists-investors from within and outside the country.

Chief Minister Shivraj Singh Chouhan and leading industrialists would speak on the occasion.

An air-conditioned dome is being erected for the summit, Garg said.

Chartered flights have been arranged from Bhopal to Indore to ferry the dignitaries, he said.

The Chief Minister would hold one-on-one meetings with industrialists followed by group discussions involving industrialists, ministers and senior government officials, he added.

Many agreements are expected to be signed during the two-day summit.

The state government would also felicitate NRIs and other industrialists who have contributed to the economic development of Madhya Pradesh, Garg said.

From - http://www.financialexpress.com/news/MP-gears-up-for-Global-Investors-Summit07/225380/

Daly College International Conference

International meet at Indore college
From: The Hindu Staff Correspondent

Around 500 delegates from abroad to attend conference

---

To be held at Daly College from October 18-24

“It’ll help all become better

world citizens”

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BHOPAL: The Daly College of Indore will host the Round Square International Conference — the largest ever international education conference — from October 18 to 24.

Briefing mediapersons on this, college Principal Sumer Singh said here on Sunday that the international aspect would remain paramount during the conference though they will endeavour to introduce some aspects of Indian culture.

The Principal said this conference would also help all participants to become better world citizens.

Each of these conferences lead to a unique experience as different schools host these conferences at different locations around the world. This year, Daly College is hosting the Conference on behalf of South Asia and the Gulf region, he added.

Speaking further on this, the Daly Principal said India was home to the earliest democracies and the greatest universities in the sixth century B.C.

This was the land where mathematicians started the decimal system and introduced zero. Here scientists, astronomers, doctors and teachers were held in the highest esteem.

The grain bowl

It was a great manufacturing centre and the grain bowl of the world. Through history, this land lost its pre-eminent economic status but now it is once more surging ahead and regaining its glory.

Visit to villages

A visit to an Indian village would tell more about the country and its people.

A lack of affluence does not deter the average villager from being cheerful and a generous host, he said adding if he has no access to theatres and concerts, he makes up for this through the vibrant and colourful tradition of folk dances and music.

Each school attending the conference would be sending a delegation that would include members of the Board of Governors, representatives and students. Seventy-three schools from 20 countries across the globe would participate. Of the total 550 delegates, who have sent in their confirmation, about 500 would be from abroad.

The conference would be declared open by Constantine II of Greece, the Chairman of Round Square.

Is it a dream or will it be for real...

This one is not on Indore, but can help putting up here b'se it every inspiring speech from Mukesh Ambani.. Outlines where he thinks the next development in will be India..

...Technology can transform our country

By Mukesh Ambani India, a nation of a billion people, is well on the way to becoming one of the three largest economies of the world. But there is another reality. India’s average gross national income per capita at $750 is nearly 20 per cent lower than that across all 53 African nations. There is, therefore an urgent need to bridge the chasm between India’s potential and its realisation. This is important not only for India; it is equally critical for the world. An Indian transformation will be the forerunner of a fundamental global change in terms of reducing regional disparity and, also, in transforming the quality of life of the people all over because one out of every six human beings on this planet lives in this country. To realise this vision, India must do several things on a priority basis. However, on top of my agenda is the need to integrate technology with every aspect of our economy and make it a major tool of addressing our social problems. Global economic superpowers are technology leaders. About 28 per cent of the GDP of USA is contributed by technology sectors. Extensive use of technology can bring about transformation in several spheres in India also. For example, technology can help improve agricultural productivity significantly. I am convinced that agriculture has the potential to re-emerge as a strong engine of economic growth and social development. Farmers in India are subject to the highest risks in the economy. They face climatic uncertainties, have no dependable assurances about off-take of their output, get poor prices for produce, are subject to market manipulation, have to do with poor availability and poor quality of inputs and, above all, pay among the highest costs for private financing. Unfortunately, they have to follow a model based on low value crops, low investments, low yields and low revenues. They use resources sub-optimally, whether it is land, water, crop nutrition and crop protection. This is an irony. Because India has the highest proportion of arable land, as compared to most countries, notably USA and China. Indeed more than 30 per cent of Asia’s irrigated land is in India. India has the potential to enhance agricultural production by over ten times. Israel produces US $5.8 million in agriculture output per square kilometre of arable land. India produces just US $88,000. The Economic Survey 2006-07 has enlisted some of the structural weaknesses of the agriculture sector which include exhaustion of the yield potential of new high-yielding varieties of wheat and rice, unbalanced fertilizer use, low seeds replacement rate and low yield per unit area across almost all crops. Agricultural growth has also suffered since rain-fed areas still constitute about 65 per cent of the total net sown area. The same story is true for water. India uses only one-fourth of the 4,000 billion cubic metres of fresh water that is available each year. This is caused by topographical constraints, uneven distribution of water resources over space and time and low dam capacity. Water productivity in agriculture is only about one-fourteenth of the best in class. We missed the industrial revolution and were left behind. Fortunately, we were able to catch up because independence from colonial rule was followed by establishment of institutions of higher learning which produced a large reservoir of skilled manpower. Economic reform unshackled the entrepreneurial energies of our young generation and globalisation opened new vistas. We have to build further on this foundation and seize opportunities knocking at our doors. We did a great job with the green revolution with high yielding hybrid crops. But since then, our technological progress in agriculture has been slow. We must ensure that India does not miss the biotechnology revolution in agriculture. Today, India needs to develop technology for crops that are drought resistant and saline tolerant. Technology can also transform Indian society. It can help atomise power to the individual level. True power lies in the ability of every individual to influence and shape his or her destiny. The world, in my view, will move from power among groups to power within an individual. Technology will bring about this transformation. Technology can enable every individual to choose, communicate, collaborate and create. Following dramatic technological revolution, every individual can have the power to tailor-make a product or select a service according to his or her choices and preferences — whether it is an automobile, a hotel room ambience or a cloned pet. Every individual can have the power to communicate with every other individual in the world wherever, whenever and by any mode. Every individual can have the ability to collaborate and engage on individual or group activities with anyone else in the world. Every individual can have the ability to create or produce most products or services. Man’s expedition to new frontiers is eternal. The quest to gain new insights is infectious. Such infective inquisitiveness can be increased by extensive education, awareness and earnings, specially by lifting those at the bottom of the pyramid. There are many frontiers barely explored — the ability to alter the form, duration and quality of life, the untapped power of the mind, the mysteries of the universe and the secrets of ocean depths. Technology can help India and Indians seek new frontiers. India has the necessary ingredients to become a technology-enabled country. It has a critical mass of educated and skilled young men and women, some of the world’s best institutions for study of science and technology, and the productive energies of a vibrant private sector. We need to scale up these endowments and give our people and our institutions the freedom to rise to global heights. India must focus on a defining set of transformational technologies. To my mind, special focus is needed in areas of modern medicine, alternate energy, networked communications, public transportation, performance materials, biotechnology, nanotechnology, robotics and automation and aerospace. Many technologies in the developed world have emerged from the private sector. These have been facilitated by sizeable public funding for research, surpluses from traditional businesses of large corporations, protection for intellectual capital, vibrant venture capital participation, competitive market place and, above all, a demanding environment for academic researchers. Locations of centres of innovation in the private sector, higher public spend on research and pursuit of research by leading companies will bring about greater innovation in India. India must be an innovation powerhouse if it wishes to be a global economic power. India must place technology in the highest quadrant of her development agenda. (Mukesh Ambani is Chairman and Managing Director, Reliance Industries Limited)

Will Indore (MP) Road change???

Madhya Pradesh government has drawn an ambitious plan to improve the condition of the roads in the state during the next one year.

A total 10,884 km long roads would be taken up under the improvement and repair plan with an estimated amount of Rs 3318 crore to be spent on them, an official release said on Wednesday.

Besides, 66812.79 km of roads are being maintained by the Public Works Department (PWD) in the state. Out of this, 11288.90 km roads are presently in bad shape while the remaining 5216.89 km are in worse condition as per the assessments.

According to the schedule fixed by the PWD, the roads which are to be improved and upgraded during the next one year include 600 km roads under the central road fund, 114 km under the 12th Finance Commission, 30 km long inter-state roads and 25 km of roads constructed in the dacoity-infested areas.

In addition to it, as many as 650 km long main district routes and 15 km of state highways would be taken up for the up-gradation, it said.

Similarly, one thousand km long roads constructed under the Asian Development Bank (ADB) project, 15 km long roads under build operate and transfer (BOT) and 450 km long roads under HUDCO would also be improved during the same period, the release added.

Besides, 2093 km long roads under the minimum need programme along with 47 km long roads in the districts would also be improved.

The PWD would also take up the up-gradation of 960 km roads under national highways, 300 km long roads under Kisan Sadak Nidhi, the release said.

From://
http://economictimes.indiatimes.com/Latest_News/Over_Rs_3000_cr_to_be_spent_on_roads_in_MP/articleshow/2424742.cms

More on Indore Real Estate

As seen on http://www.indianground.com/indore/indore-real-estate.aspx

Indore is indisputably known as the commercial capital of Madhya Pradesh. Being one of the fastest growing Tier-III cities of India, it is the single largest business centre of the state commanding most of the volumes in trade, industry and services, over other cities in Madhya Pradesh like Bhopal, Jabalpur and Gwalior.

The real estate in Indore is quite upbeat. Presence of manufacturing units of India’s leading companies like Hindustan Motors, Eicher Motors, Bajaj, Force-Mann, Metalman Group, Nicholas Piramal, Bridgestone, Larsen and Toubro, Pratibha Syntex and Kirloskar Brothers Limited at the adjoining industrial hub of Pithampura plays quite a significant role in economic prosperity of the city and subsequently the simmering business activities have been translating into booming property market in Indore.

A number of software companies like CSC, Impetus Infotech, InfoBeans have also set up their offices in Indore that has tremendously enhanced city's image as a preferred business destination. The electronics complex in the city houses offices of some of the top telecom and electronics companies of the country and the real estate scene in the area is likely to improve further once the undergoing projects of Special Economic Zone (SEZ) and Software Technology Park (STP) turn on ground.

The biggest commercial project in Indore is coming in the form of automobile testing track at Pithampur. With investment to the tune of Rs 5,000 crore, the track will be the largest in Asia. Not to mention that the economic activities in the city will improve drastically once the same gets ready. As for now, a number of national and international automobile giants have already expressed their interest to begin their operations in Pithampura.
Indore has also emerged up as education hub of the central India with Indian Institute of Management (IIM) leading the trail of colleges for professional studies.

Mall culture
You find a booming mall culture in Indore that is nearly absent in other parts of the state. With the success of Fortune Landmark, which is the first mall of the state, three other malls viz. Treasure Island, Mangal City and Orbit have also come up fast to catch up with the flourishing retail business in the city.

As the commercial real estate and retail sector go hand in hand, demand for commercial properties in Indore also has been going up quite significantly.Real Estate Scenario
With a number of mega projects in the pipeline the real estate market in Indore is going under absolutely amazing phase. Both commercial and residential properties in Indore especially near the proposed SEZ and STP have emerged up as the most popular one.

The industry experts on the other end are of the view that the real estate boom in Indore is yet to arrive and it is the right time to buy property in Indore. From investment point of view as well, purchasing real estate in Indore is a pretty lucrative proposition.

With national real estate developers like Sahara and Vian building their residential townships in Indore, you can avail of housing high in terms of quality and lifestyle. On the other end, office spaces in Indore in and around MG Road, Jawahar Marg, Siyaganj and Hamilton Road are the hottest one. Interestingly though industry experts find Indore markets being realistically priced and away from speculations.

Investment in Indian Township 31 October 2006 07:03 as posted on http://www.pennysharesonline.com/Announcements/Articles/888918.asp

Eredene Capital PLC31 October 2006Eredene Capital PLCAnnounces third investment in Indian real estate•To invest approximately £2.75m for 35% stake in an integrated residentialtownship in Indore, Madhya Pradesh StateEredene Capital PLC (Symbol: ERE), the AIM quoted Indian real estate investor,is pleased to announce it has made its third investment in Indian real estate.The Company has invested approximately £2.75m (Indian Rupees 233m) for a 35%stake in a Special Purpose Vehicle (SPV) to develop an integrated residentialtownship located in a prime site on the outskirts of the city of Indore inMadhya Pradesh State.

The township will be situated on a 100 acre site located off the main Agra-Bombay National Highway and next to the proposed MR-3 arterial road in thearea of Bijalpur, some 6 km from the centre of the city of Indore. The sitebenefits from direct access to the city centre and airport.

The site is also onthe route between Indore and the 2,600 acre Special Economic Zone (SEZ) atPithampur, which is one of the hubs for industrial activity in Madhya PradeshState.The development will be a self-contained fully integrated township and isintended to include residential houses and apartment buildings as well aseducational, medical, retail and entertainment facilities for the use ofresidents.

It is anticipated that the project will involve the development andsale of up to 3600 residential units and the development and sale of up to 700residential land plots. Construction of the project is expected to commence inQ2 2007 with a phased completion and with sales expected to commence in 2008.The project is scheduled for completion in 2011.Eredene's primary joint venture partner in the SPV is Entertainment WorldDevelopers Private Limited (EWDPL), an Indian real estate development companyheaded by Manish Kalani. EWDPL was incorporated in 1999 to develop and constructshopping malls, multiplex cinemas, hotels and large scale residential townships.Manish Kalani has a considerable track record in retail and residential propertydevelopment in Indore and elsewhere in India.

In early October 2006, Eredeneannounced a large mixed-use development in Indore to be developed in partnershipwith EWDPL.Saffron Capital Advisors Limited sourced, evaluated and advised on thistransaction. Saffron has a highly experienced and talented team specialising inIndian real estate investments in the retail, commercial and residentialsectors.

Eredene and Saffron entered into an Investment Advisory Agreement inApril 2006.Following this investment, Eredene will have invested approximately £13.63m ofthe £57.1m (then equivalent to approximately US$100m) that it raised in April2006. Accordingly, Eredene has invested approximately 24% of the fund that itraised in April 2006.

Commenting on the Company's latest investment Alastair King, Founder and ChiefExecutive of Eredene, said:"We are very pleased to announce our third investment. This again demonstratesour ability to deploy Eredene's capital in potentially valuable investments inIndia's tier 2 and 3 cities where we believe long-term growth and value lies.

We have now committed approximately 24% of the funds raised in our April 2006fund-raising and we intend to continue to invest in projects which representgood opportunities for Eredene."IndoreIndore is the largest city in Madhya Pradesh State in central India. It has apopulation of over 1.2 million (as per 2001 census) and is well known as thecommercial capital of the state.

The city is located approximately 524km from Mumbai and approximately 674km from New Delhi, and is well connected by rail,road and air to other cities in India.The project lies close to Pithampur, referred to as the "Detroit of India",which is one of the largest automobile manufacturing centres in Asia and is hometo leading automotive companies such as Bajaj, Eicher, Hindustan Motors, KineticHonda and Bridgestone. Indore has the first green field Special Economic Zone inIndia and is one of the largest manufacturing locations in Asia for basic andbulk drug formulations. The city has a number of educational institutesincluding an Indian Institute of Management.

Enquiries to:
EREDENE CAPITAL plc
www.eredene.com
Alastair King
Tel: 020 7929 4501

REDLEAF COMMUNICATIONS
Tel: 020 7822 0200

Emma Kane/Duncan McCormick/Samantha Robbins
SEYMOUR PIERCE
Mark Percy/Jeremy Porter
Tel: 020 7107 8000

Notes to Editors:

- In April 2006, Eredene raised US$100 million to capitalise onthe foreign direct investment opportunity in the Indian real estate sector.- When the capital raising was announced, it was the first of itskind on the AIM market of the London Stock Exchange.- This investment is the third investment to be announced byEredene. Eredene announced its first investment in September 2006 and secondinvestment in early October 2006. Following this investment, Eredene will haveinvested approximately £13.63m into real estate projects in India, beingapproximately 24% of the total funds raised in April 2006.

- Investments are made with the benefit and assistance of SaffronCapital Advisors Limited (Saffron), one of the leading India-based real estateadvisory specialists. Headed by Ajoy Kapoor and Rohin Shah, Saffron has a highly experienced and talented team specialising in Indian real estate investments in the retail, commercial and residential sectors. Eredene and Saffron entered into an Investment Advisory Agreement in April 2006.

- Eredene focuses on real estate opportunities in Tier 2 (above 1million population) and Tier 3 (500,000 to 1 million population) cities inIndia. It specialises in investing in commercial, retail and residentialproperty outside major cities to avoid overheated markets.

- Eredene trades on AIM, ticker ERE, and is currently capitalised at approximately £73.4 million.- Eredene recently announced the appointment of Charles Cayzer asa Non-Executive Director. Charles Cayzer is also a director of CaledoniaInvestments plc, where he has responsibility for its real estate investments.

- Publication quality photographs are available from Redleaf Communications.- Further information on Eredene is available from the website: www.eredene.com

Global Investors Meet @ Indore on Oct 26-27

MP gears up for `Global Investors Meet` As posted @ Zee News and Business-Standard on Sept 27


Madhya Pradesh Chief Minister Shivraj Singh Chouhan has reviewed the preparations for the forthcoming 'Global Investors Meet', scheduled to be held at Indore on October 26-27. Chouhan directed the concerned officials to prepare a detail presentation on the possibilities of industrialisation of the state. He also asked them to make a report on the important tourist destinations in the state, an official release said here today. Nearly 300 investors are expected to attend the two-day event, it said.The State Chief Secretary, Rakesh Sahani, has informed that efforts are being made to finalise investment proposals submitted by various investors before the commencement of the two-day meet. The concerned officials are in touch with the industrialists who have submitted various proposals for investing in the state, Sahani stated.

Sarafa Indore

By Yogesh Vaze

I have visited Indore on numerous occasions. And, every time I reach this erstwhile capital of the Holkars, I plan a visit to Sarafa Bazaar.

Are you wondering why I am writing about Sarafa Bazaar, a jewellery market, in a section that deals with restaurant reviews? Well, the reason is that, soon after the jewellery shops shut in the evening, this place becomes a chaat bazaar!

Food vendors converge on this location to set up eateries along the road every evening. The variety is superb: samosas, kachoris, pani puri, pav bhaji, chhole tikiyas, sabudana ki khichdi, maalpua and poha to name a few.

There are quite a few permanent restaurants too. Joshi Restaurant is very popular for bhutte
ka kees. The Bhutte Ka Kees, which made of grated corn garnished with coriander leaves and grated coconut, just melts in your mouth.

These guys also sell dahi vada, bhajiyas etc. And, yes, Mr Joshi will throw in some jugglery along with the food (you have to request for it though).

The famous khopra pattis (patties) can be sampled at Vijay Chaat House. The pattis, which are made of khopra (dry coconut) with a covering of potatoes, are fried right in front of you and served with khatti-meeti chatni.

You may have eaten aloo pattis elsewhere, but khobra pattis are a must when you are in Indore.
Vijay Chaat House also makes aloo mattar pattis. Pattis cost Rs 5 per piece only. You can also enjoy their samosas and kachoris.

Vijay Chaat House is a standing-only place, but I guess that is the best way to enjoy chaat.
You can round up the chaat session with sweets like maalpua and rabdi. Quite a few street vendors sell these desserts. Rasgullas from Brajwasi are very popular as well.
Shikanji at Nagori Sweets is another dessert I would recommend. It is made of fruit juices and condensed milk.

Jain Mithai Bhandar sells delicious moong ka halwa. This is not for the calorie conscious though.
All of the above dishes together will cost you less than Rs 100 per person.
Getting there

Since this is a street I am writing about, I couldn't come up with an exact address. Sarafa is on the west side of Indore. It is a five minute walk from Rajwada, which is one the most famous landmarks in Indore.

This is a crowded area, so parking space is negligible. You may have to park at Rajwada and walk to Sarafa.

From the railway station, you will have to travel about seven kilometres. You can catch a city bus/ autorikshaw from the station to Rajwada and then walk to Sarafa.
There are a lot more places like Chappan Dukan, where you can enjoy chaat in Indore, but Sarafa is, by far, the most popular.

from - http://www.rediff.com/getahead/2006/jun/13rest.htm

Fire Capital Fund Mauritius Pvt Ltd, a global venture capital fund, plans to invest up to $250 million to develop integrated townships in 10 cities.

By the year-end, the firm would also raise a $500 million fund to be dedicated to real estate and components of infrastructure, a senior company official said on Monday.

The fund made its first investment in Indore-based M Jhaveri Group in the 137-acre upcoming township Silver Springs being developed by it. This also marks the first foreign direct investment (FDI) in real estate in Madhya Pradesh.

"Silver Springs is our first deployment in India with a size of $5 million. We have also invested in the range of $10 million each for townships in Chennai and primarily Tier II cities like Bangalore, Nagpur, Bhubaneshwar, Jaipur and Dehradun," Fire Capital Managing Director Om Chaudhary said here.

The fund has a corpus of $120 million and with co-investors it can go up to $250 million, he added.

It is expected to deploy the complete $250 million by December, when it starts raising a fund of about $500 million, Chaudhary said.

On the opportunity in Tier II cities, Chaudhary said, there was a rising demand for quality infrastructure as disposable income is on the rise.

These cities are expected to capture 30-50 per cent housing demand where there is a gap of about 23 million units, he added.

MAN n MAAN!!!

Proposals of Special Economic Zones (SEZs) for IT and ITeS, including those by Tata Consultancy Services and Cognizant Technology, will dominate the next meeting on August 30 of the Board of Approval, which will take up 31 applications in all.

Most of the new proposals for SEZs in IT and ITeS will come up in Haryana and Andhra Pradesh. Interestingly, the SEZ promoters are taking IT and ITeS beyond the hubs of Gurgaon and Hyderabad.

According to information available with the Commerce Ministry, the new economy of information technology is spreading to the hinterland of Chittor districts of Andhra Pradesh. Likewise, Panipat and Sonepat in Haryana are trying to catch up with Gurgaon.

Anant Raj Industries proposes to build a 10-hectare IT zone in Sonepat near Delhi, while Andhra Pradesh Industrial Infrastructure Corporation would set up a 32.57-hectare IT SEZ in Chittor.

Mittal Infratech is setting up an IT zone in Panipat, otherwise known for its textile industries.

Pune and Mohali, where IT and ITeS have already established its presence, are also on the radar of the new SEZ investors. Indore, which has witnessed growth in the automobile industries, is attracting investments from IT and ITeS companies as well. Established auto player MAN Industries is setting up a 118.6 IT SEZ in Indore.

Tata Consultancy Services proposes to set up a 30.35- hectare IT zone in R R District of Andhra Pradesh, where Cognizant Technology Solutions also has plans to establish a 16-hectare IT zone.

The government has so far given 366 formal approvals and 178 in-principle nods

Indore to get 8000 Crore by DLF alone, must be Joking

Real estate major DLF, which has renewed plans to tap the capital market with a mega IPO, is contemplating investing up to Rs 12,000 crore to develop various projects in Madhya Pradesh.

DLF has submitted a bid to the state government for developing an industrial SEZ, which would incorporate plastic, chemical, automotive and IT companies, spread over 2,500 acre near Indore. The company also plans to develop a huge township close to the SEZ to house people working in the zone.

"We are planning to invest up to Rs 8,000 crore in the SEZ and township near Indore," company sources told PTI.

The company is quite confident that the government would award the contract to it for developing the SEZ.

DLF would go ahead with the township project irrespective of the outcome of the SEZ bid, as it possesses adequate land for the same, sources said.

Besides, the company plans to invest further up to Rs 3,000 crore in Bhopal to develop four projects that includes a small township covering 30 acre, hotel, a residential project and a shopping mall.

DLF would also develop luxury apartments and villas at Indore spread over 250 acre at an investment of Rs 1,000 crore.

The company is looking at pumping in huge investments in other parts of Madhya Pradesh too, including Gwalior and Jabalpur.

From
http://economictimes.indiatimes.com/articleshow/234505.cms

MP investment destination ??

Seeking to project the state as an investment destination, the Madhya Pradesh government will hold a two-day Global Investors Meet (GIM) on October 26-27. The state government is expecting commitment of multi-billion dollar investments in the GIM in Indore in power, IT, health, tourism, roads and high technology areas. There has already been a commitment by industrial houses to invest over Rs one lakh crore in the years to come in various sectors, Madhya Pradesh Chief Minister Shivraj Singh Chouhan told reporters at Indore on Monday. The Chief Minister is also expected to announce some lucrative benefits to investors to attract them to the state. Chouhan said, "Madhya Pradesh is being projected in a right manner among the global investors who have taken keen interest in making investments in the state." The state has replaced the `single-window' concept with the `single-table' system to give speedy clearances to investment proposals, he said. Global steel tycoon LN Mittal, Lord Swaraj Paul (Caparo Group), Ambanis, Kumarmangalam Birla, Shashi Ruia and Adi Godrej among others would be invited for the event, sources in the MP State Industrial Development Corporation said. The chief minister is visiting the US, the UK and various parts in the country to invite the industrialists. He will have a detailed discussions with the IT industry leaders to promote the state as the next 'IT destination' after Bangalore and Hyderabad. It may be recalled here that India's first operational SEZ in Indore has not only attracted industries but has also triggered a race for creation of more SEZs.

Indore - Will IT happen

Small cities emerging as new IT hubs

Metros are the nerve centres of India. Wide roads, tall buildings, 24x7 power and water supplies, great lifestyle — few can resist the trappings of a big city like Mumbai or Bangalore. They attract MNCs and labourers alike. But not everybody is being lured by the city lights. In fact, a lot of companies, now prefer to script their growth stories from tier II-III cities. The slow-paced life in Indore or Kochi attracts them more. What’s more, many such start-ups have also managed to make a splash globally. Now they are big names. Apart from IT companies which are branching out to smaller cities, there are those which set up first base there and then spread their wings. Impetus Technologies , for example, was founded in 1991 in Indore which remains the base of their India operations. The IT engineering company’s CEO Praveen Kankariya explains: ‘‘ I hail from the city. Though I have offices in six cities across the world, Indore is still my biggest facility with four development centres and 650 plus engineers.’’ Kankariaya , who lives in Silicon Valley, plans to develop a stateof-the-art campus in his hometown. Thiruvanathapuram-based IBS Software Services has a similar story. The company, launched in Technopark campus in 1997, is an MNC today, with 11 centres around the world. ‘‘ The cost-effectiveness , availability of a large pool of qualified people in the state and high quality of life in one of the most beautiful states in India were very encouraging for us to start our business here,’’ says Anthony Joseph, senior VP and global HR head. The company has development centres in London, Washington, Kochi and Thiruvanathapuram . Similarly, global IT giant CSC has an Indore base. ‘‘ There were several advantages in being there — a cooperative state government, availability of resources and the willingness of senior and middle management to relocate,’’ says Padmaja Krishnan, director , marketing, planning and research. Other top IT companies too are exploring opportunities in tier II-III cities. Zensar Technologies in Hyderabad and Persistent Systems in Pune are just two of them. Nasscom data shows software exports from tier II and III cities have grown dramatically from a mere 5% a couple years ago to 15-18 % now. It’s expected to go up to 25-30 % by 2010. What’s more, these new hotspots are expected to employ 30% of the projected strength of 850,000 IT professionals and 1.4 million ITeS professionals by 2010. An Ernst & Young study reveals that the demand for office space in tier II-III cities is expected to expand significantly in the next few years. This is primarily driven by the IT and ITeS industry that requires an estimated office space of more than 367 million sq ft by 2010-2013 . So what’s making these cities tick? TALENT POOL CSC was attracted by the educational institutions — both management and technical — in Indore. This helped them recruit the best talent in the region. For Zensar Technologies, Pune — also known as the ‘Oxford of the East’ — is a fertile ground for recruitment. ‘‘ It gives us constant supply of skills for the organisation ,’’ says MD Ganesh Natarajan. The company plans to make Pune the cradle for its innovations. Experts say the development in these cities is largely based on scalable infrastructure and availability of skilled manpower . Cities like Pune, Nashik, Coimbatore etc are home to good institutions which produce thousands of graduates and engineers required by organisations. COST BENEFITS Real estate prices in tier II and III cities are lower than in tier I cities. Their development policies are conducive for real estate development. As Avinash Vashistha, chairman , Tholons Inc, explains, ‘‘ These cities offer substantial cost advantages. Fully loaded costs are as much as 30% cheaper compared to cities like Bangalore or Mumbai; real estate costs are at least 20% cheaper.’’ GREATER STABILITY The other thing going for smaller cities is the HR gains. As Krishnan explains, ‘‘ They offer better work-life balance , shorter commuting time, stronger bonding and lower cost of living. With the urban infrastructure and manpower resources under great strain, these cities become a good choice. Moving to non-metros also brings diversity to an organisation. In fact, these cities serve as a good backup site for the business continuity.’’ More importantly, when location and work content align with personal and professional aspirations of employees , there is little scope for attrition — a huge lure for IT companies. But there are some teething troubles in smaller cities. Infrastructure and transportation can be a major problem . Besides flight and train connectivity, availability of hotels leaves a lot to be desired in some cases. Kankariya says, ‘‘ Though the educational institutes may be impressive, there is a need to streamline the courses and make them more corporate-focused . Grooming and finishing schools can also add a lot of value to the graduates here.’’ Besides, they need to catch up with recreation facilities for the young IT crowd. Vashistha says, ‘‘ Tier II-III cities can become IT-ITeS hubs if the trend of small city dwellers migrating to bigger towns or metros is reversed. A city’s business potential lies in how the new IT-ITeS entrants can successfully develop the local market and make migration unattractive. Also, it should make people move from bigger cities to enjoy a better, balanced and more relaxed life, without compromising on work or entertainment opportunities.’’ However, things are changing and a lot of clients are becoming comfortable with tier II cities. Vashistha is optimistic 5% of the business will move to tier II/III cities in the next two-three years.

From http://economictimes.indiatimes.com/articleshow/msid-2373891,prtpage-1.cms

The solution for the public transport problems of India’s big cities is now running on the roads of Indore in Madhya Pradesh.

Indore has become the first city in the country to put in place a fleet of 53 modern low-floor buses equipped with GPS and computerised ticket-vending machines. In two days, the bus stops will have electronic sign boards to show the status of the buses.

The new Tata Starbuses have the same tariff of Rs 3- 12 as that ot the old Nagar Sewa mini buses that pack people like sardines. The perpetual story of public transport losses seems to be over. Since February this year, when the buses started running, the municipal corporation has made Rs 1 crore profit.

The city is celebrating the new transport system run on private-public partnership.”There was just the Nagar Sewa until some months back. Rude staff and overcrowded buses made going out a nightmare. I always ended up taking an auto or just driving down myself. But look at these buses. The conductors and drivers are so well-behaved, there is separate seating and exit for women, the bus comes on time and has so much leg room,’’ says Ramneek Kaur, a housewife.

The man behind the move, Vivek Aggarwal, District Collector and Executive Director of Indore City Transport Services Limited (ICTSL), says: “Indore’s transport system was in complete chaos in June 2005 when I took over as collector. There were no bus stops, no fixed bus routes, Nagar Sewa buses just stopped anywhere they felt like. Having spent some time in Europe I was fascinated by their bus system. We identified 350 bus stops in the city before surveying all routes.’’

Aggarwal chose the joint-venture route. No one believed it would work, says Aggarwal. “But once our first few buses rolled out in February this year and elicited such great public response, there was no looking back.”

The buses are colour-coded according to routes, the staff are trained in etiquette by a management agency, the buses run from 7 am to 11 pm and are out the next day washed, cleaned and air-dried from the yard after ICTSL staff checks them everyday.

The collector says Indore will have 96 such buses by the end of the year and a fleet of 500 in five years. With another Rs 98 crore coming to Indore under the Jawaharlal Nehru Urban Renewal Mission, the city plans to start construction of designated bus lanes for a complete Bus Rapid Transit System (BRTS) with the help of IIT Delhi.

The national Capital, Delhi, has been discussing the scheme for four years and just about managed to sneak in six buses last November. And it took Indore just nine months to put the scheme on tracks.

There will soon be more lessons for big cities from Aggawal’s Indore. Next in line is a dial-a-cab service to replace the 15-year-old tempos on the Indore roads. While Nagar Sewas have not yet been phased out, Aggarwal hopes the market will force them out.

The word is spreading fast. Indore is now being consulted by Amritsar, Jalandhar, Ludhiana, Jaipur, Kota, Udaipur, Rourkela and Raipur. Soon a World Bank team will be here to study the scheme.

By Anubhuti Vishnoi
Posted online: Sunday, September 17, 2006 at 0000 hrs IST at http://www.indianexpress.com/printerFriendly/12869.html

Indore Airport

From : Chronicle News Service

Indore, Aug 7: All 35 major airports of the country will be equipped with ultra-modern facilities by 2010, while 24 airports of the western zone will be equipped with state of art amenities by 2009. This was informed by Dr K Ramlingam, chairman, Airport Authority of India after conclusion of the review meeting of the airport directors of the western region here on Sunday.

Talking about Devi Ahilya Bai Holkar airport, Indore, he said no effort will be left unturned to develop Indore airport. It would soon be developed into an international airport with an international cargo facilities for the entrepreneurs and businessmen of the city, Ramlingamn said.

In the meeting, works being done by all 24 airports in the western zone were reviewed and discussions were held on the next course of action to be undertaken by the airport authorities of the western zone. Indore airport director, R K Singh informed that in the meeting a thorough discussion was also held on the all-round development of Indore airport and a workplan to this effect was tabled before the AAI chairman.

Singh drew attention of the AAI chairman towards scarcity of security and technical staff at Indore airport, keeping in view the expected increase in flight operation and expansion of cargo facilities. Singh demanded 30 more security crews for Indore airport and the AAI chairman agreed to fulfill his demand by the end of October this year.

The AAI chairman also gave his nod for infrastructure development at Indore airport which includes construction of a new international terminal building, six more bays, expansion of cargo facilities, ultra-modern new aprons, expansion of runway up to 9000 sq ft among others. These works will be carried out at an estimated cost of Rs 80 crore, Singh informed.

From : Chronicle News Service

IIM Indore

INDORE: Handsome pay packets in the range of Rs 50 lakhs (international offer) and Rs 18 lakhs (domestic offer) per annum were offered to the passing out batch of the country's youngest Indian Institute of Management (IIM), Indore during placements.

"A total of 329 offers were made to 115 students of the eighth batch, which included 12 international offers and an average salary of Rs 12 lakhs per annum - an increase of 45 per cent over last year," IIM Director S P Parashar told reporters.

However, the Director did not disclose the name of the company and the highest salary offered by it to the student to avoid any untoward situation as decided by the directors of all the IIM's.

He said 67 companies participated in the placement process and among which 29 took part for the first time. On an average 2.8 jobs were offered per student during the placement.

"The most satisfying aspect of the placement process was that 25 per cent of the batch has been placed in consulting firms of international repute," Parashar said.

In the IT sector, besides Oracle, Capgemini, Headstrong, Cognizant, IBM, Tech Mahindra and Covansys - Infosys also came back to the campus with an international offer of US Dollar 110,000 per annum, he added.

http://economictimes.indiatimes.com/Parsvnaths_Indore_SEZ_notified_to_invest_Rs_1400_cr/rssarticleshow/2256760.cms

Parsvnath's 1400Cr

NEW DELHI: Realty major Parsvnath Developers Ltd's plan to set up special economic zones are ready to take off with the government notifying its 76-acre IT and ITes SEZ in Indore entailing an investment of Rs 1,400 crore.

"We have received the notification for Indore SUEZ and work will start after complying with pending formalities in next 30-60 days," Parsvnath Chairman Pradeep Jain told media.

Jain said this was the company's first SEZ, which has been notified by the Centre. The development process would be completed within 36 months after construction begins.

SEZs would start contributing to the company's topline from next fiscal, he added. Parsvnath has formed a subsidiary, Parsvnath SEZ Ltd, for developing such projects. The investments would be funded through internal accruals and debt, Jain said.

Besides the Indore SEZ, the company has formal approvals for four more SEZs at Gurgaon, Dehradun, Kochi and Hyderabad and the notification was expected soon.

Parsvnath plans to invest Rs 5,200 crore in the next five years to construct these five SEZs for biotech and information technology sectors. A 25-acre SEZ in Hyderabad would be for bio-tech and bio-pharma sectors, while the remaining four would be IT and ITeS zones.

Jain said the company plans to develop 16 SEZs across the country. It has received in-principle approval for seven more SEZs, while four proposals are pending.

Parsvnath is undertaking land acquisition for seven SEZs, which would add an aggregate saleable area of 170 million sq ft. It presently has a land bank of 160 million sq ft and the construction is underway on 74 million sq ft.

http://economictimes.indiatimes.com/Parsvnaths_Indore_SEZ_notified_to_invest_Rs_1400_cr/rssarticleshow/2256760.cms

Sad, but true

Bureaucratic hurdles, non-transparency in dealings and corruption have marred the privatisation process of Crystal IT Park in Indore. Even six months after awarding special economic zone status to the IT park, the MP government is yet to decide on the privatisation of the multi-storeyed building.

No software company has come forward to take a square foot of the park, even after one year of the completion of the building. The 550,000 square foot building bears a deserted look since its completion.

Reportedly, the state government is likely to face a legal battle for the building over its payment on construction. “We have submitted a proposal to the state government to seek permission to float tenders for attracting investment from IT companies,” Vivek Agrawal, managing director, Indore Audyogik Kendra Vikas Nigam, told Business Standard.

Built with an investment of Rs 44 crore at prime locality of Bhanwarkuan near Indore University, even local IT companies have shown no interest in the park. Earlier, the state government had decided to rope in private players to market it.

Last year, the AKVN, nodal agency to put the IT Park onto market, had made efforts to join hands with Tata Consultancy Service (TCS), Wipro, SKIL, and Infosys. “We are looking for a private player to finish the common area of the park,” Agrawal added.

An industry source who is closely monitoring the construction of the building informed that valuation of the building and a land area in the vicinity, which is nearly 23 acre, holds the key.

“It is under valued at Rs 60 crore. While the total cost of the IT park should be around Rs 150 crore. There were reports that the original design of the building of two stories at basement and eight stories above it has been altered to one (basement) plus nine thereby incurring additional expenses to the state,” the source said.

With poor road, power and air-connectivity, the state offers no potential to software development. However, industry department and information technology department are more interested in lucrative business of infrastructure creation.

Recently, Shivraj Singh Chouhan, who visited Bangalore to woo investors under banner of Federation of Indian Chambers of Commerce and Industry (FICCI) came back home bare handed.

“Not even 12 people from top IT companies attended him,” an industry source who was the part of delegation told Business Standard.

In name of IT park proposals, one at Bairagarh and the other at Anand Nagar locality, the state revenue department has raised land prices, giving a direct benefit to realtors.

The proposed IT park at Anand Nagar has failed to come up, while another park to be developed near Bairagarh airport, Bhopal, on 210 acre has yet to come out of drawing board.

http://www.business-standard.com/economy/storypage.php?tab=r&autono=297427&subLeft=1&leftnm=3

Electrification of Indore-Ujjain route

Chronicle News Service

New Delhi, March 3: The railway ministry has identified the routes which are to be electrified. In these routes ,Indore-Ujjain , Dewas-Maksi and Bina-Kota railway routes are included of MP.

State Railway minister R Balu gave this information here on the other day. In a written letter the state railway minister informed that between Indore-Ujjain and Dewas-Maksi under western railway ,electrification of the route to be completed about 115km. He said that at around 641 routes have been identified which are to be electrified. According to Belu it would cost nearly Rs1850 crore for completing the project.

From:
http://www.centralchronicle.com/20060304/0403102.htm

Indore set to be a real estate hotspot

The technology sector is fuelling the real estate market in the city of Indore.

IT and ITes in Indore is still at a nascent stage but it seems anticipation of a boom in the sectors is already pushing real estate development in this city. Indore is the commercial capital of Madhya Pradesh and its largest town too.

It has traditionally been a hub for the automobile, alloy steel industry and textiles. Pass through the Pitampur industrial hub and you can spot major companies like Hindustan Motors, Eicher Motors, Bajaj, Nicholas Piramal, Bridgestone, Larsen & Toubro among others. Indore is also a hub for soyabean cultivation and processing.
For smaller towns of Madhya Pradesh and other parts of central India, Indore is the place to be, for education and for work. More employment opportunity are in the offing with the government declaring a budget of Rs 5,000 crore for building Asia’s largest auto testing track at Pitampur for ground breaking research and development.

The Madhya Pradesh government has earmarked 2,000 acres of land for an IT SEZ near the proposed international airport. The airport itself will be a catalyst for future real estate development in neighbouring locations.

A noteworthy development is the Crystal IT Park on 24 acres of land at Khandwa Road. Prospective growth of the IT sector has fuelled the growth of residential real estate in the city. Indore is on the radar of a number of IT companies.

According to the Knight Frank Report on Emerging Growth Centres, developers like K Raheja and Unitech have already been allotted land in the proposed IT SEZ.

Indore has a large population of enterpreneurs with high purchasing power. The city has a number of strongly entrenched local brands along with national and international retailers. Traditional unorganised markets are slowly giving way to new organised retail markets with the arrival of new malls and shopping centres.

The major retail growth can be seen in the central part of the city close to the high-end residential locations of Palasia, Race Course, Saket and Gulmohar and also in upcoming locations like Vijaynagar and MR 10.

Not surprisingly then, a Tramell Crow Meghraj study reveals that a number of domestic and international real estate funds are expected to or are investing in Indore.

Needed: more homes
Recent years have seen a growth in demand for apartments, partly because of rising aspirations of the populace and also due to a 47 per cent increase in population in a decade. According to an estimate, there is a demand for at least 1,00,000 units a year in Indore to accommodate the constantly floating population.

Land prices have behaved in an extraordinary way, confirms Joy Sanyal, vice-president, strategic development initiative, Trammell Crow Meghraj.

“The prices have soared 300 times in some cases. In a recent transaction, Kalpataru from Mumbai picked up 3.12 acres of NTC land for a whopping Rs 90 crore,” he says. On average, the land cost in Indore is between Rs 30 lakh to Rs 1 crore an acre, depending on the location.

Shalimar Township (23 acres) along the bypass was the first township concept successfully implemented in Indore by the Mirchandani Group. Today, according to an estimate, there are about 18-20 integrated townships in the pipeline.

Entertainment World Developers Private Limited (EWDPL) are doing two projects with Eredene Capital of Mauritius. EWDPL is doing a Rs 350 crore Market City on 19.5 acres of land near the junction of Indore bypass and major route 10 (MR 10), which will entail a 1 million sq ft mall, a five-star hotel, 4.4 lakh sq ft of office space and a total of 8 lakh sq ft of residential development over 7 towers. These towers could be over 20 floors. Their other township will be at Bijalpur, off the main Agra-Bombay National Highway on a total of 100 acres.

Omaxe City spread over 89 acres, will be at Mayakhari on NH-3, Agra-Bombay bypass and will house duplex villas, ground + 2 independent floors along with a swimming pool, sauna, steam, jacuzzi, shopping complex, food court and a banquet hall. Omaxe had earlier launched a township in Indore.

Vineet Nanda, GM, sales and marketing at Omaxe, informed that 85 per cent of the project was sold out within a year of launching. Three bedroom villas here cost somewhere around Rs 22 lakh. The average rate of apartments in the city is between 1,200-1,500 per sq ft.

Sahara India Infrastructure and Housing has planned Sahara City Homes on the bypass at Bicholi Mardana on 89 acres of land. Suncity is also doing a township spread over 150 acres on the Agra-Bombay bypass. It will include a commercial centre, a star hotel and a shopping complex.

A lot of land in Indore has already been bought by major national players like DLF, Rahejas, Ansal, Parsvnath. Each of these, says a local source, has over 100 acres in and around the city.

Small town retail frenzy
On the retail front, Indore already has a number of national and international brands. EWDPL’s Treasure Island (0.6 million sq ft), located on MG Road, was the first organised retail format in the city. According to Knight Frank, the retail industry has great prospects in the city.

Mumbai-based K Raheja developers are coming up with a hypermarket on 11 acres of land around the bypass. Besides this, there is news that a number of national-level multiplex operators have also announced their entry.

Existing retail space in Indore totals to about 0.86 million sq ft. Knight Frank indicates that around 1 million sq ft of new retail space is expected to enter the market in the next few months. About 4-5 malls are in the pipeline and it is expected that by 2009 approximately 3 million sq ft of retail space will be operational in the city.

A recent Sun Microsystems press release reads “Sun Microsystems India announced the launch of its operations in Indore. Sun will commence operations in the city through its partner, Wipro Infotech.” Sun-rise for the IT and IT services sector in Indore? Maybe.


http://www.rediff.com/money/2007/mar/24spec1.htm

News on Indore

INDORE: In the city's biggest land deal, Mukesh Ambani-led Reliance group has outbid realty firms DLF and BPTP to bag a commercial plot for Rs 270 crore to build a hyper-mall at an investment of about Rs 1,000 crore.

Reliance Retail plans to invest up to Rs 1,000 crore to develop a hyper-mall on this over 37,000 square metre plot in Vijaynagar area of the city, according to sources.

Indore Development Authority (IDA) Chairman Madhukar Verma told PTI that technical bids of Reliance, DLF and BPTP were found qualified. Yesterday, was the last date for submitting the bids.

He said price bids of the three companies were opened today, in which Reliance emerged as winner with highest price of Rs 270 crore. Delhi-based realty firms BPTP and DLF offered Rs 157.2 crore and Rs 150 crore respectively, Verma added.

In August, IDA had called for technical and commercial bids for allotment of two adjoining plots measuring 37,090 square meters (about four lakh square feet) for nominal lease having a reserve price of Rs 111.27 crore at a cost of Rs 30,000 per sq meter.

Verma said the IDA Board would meet in next 10 days to give a formal approval of the deal.

From
http://economictimes.indiatimes.com/Personal_Finance/Property/Reliance_outbids_BPTP_DLF_to_bag_Rs_270_cr_plot_in_Indore/articleshow/2391537.cms