The $100-billion Delhi Mumbai Industrial Corridor, one of India's most ambitious infrastructure projects, will kick off land allotments next month and those eyeing plots are said to include big global investors like Ikea, Kia Motors and China Railway Construction Corp.
The allocations will mark a significant step forward in a project that was approved by cabinet in 2011. Other potential investors include German wind turbine manufacturer Senvion, Korean Land & Housing Corp. and Chinese real estate company Country Garden. The land will be fully developed with world-class infrastructure, a big attraction for investors ready to pay a premium for clean titles in four brand new industrial cities being developed as part of the project.
The Delhi Mumbai Industrial Corridor Development Corp. (DMICDC) has received several queries about available land with many asking for assurances of litigation-free land in the past few weeks, said the person cited above. Many of those seeking land are said to have informally visited sites to inspect infrastructure and availability.
The project will be implemented in three phases, with the first expected to be completed by 2025 and the second by 2032. Work on trunk infrastructure is on in Gujarat, Madhya Pradesh, Maharashtra and Uttar Pradesh and is expected to be completed by 2019. The corporation has finalised its land use plan and is now in the process of finalising its land policy after which it will start allocations. The policy will determine whether land will be allotted through auction or on a first-come-first-served basis.
DMIDC is looking for big anchor investors, especially in the manufacturing sector, that will infuse large amounts of capital and in turn attract others, turning into employment-generation hubs.
The government will extend concessions to anchor investor in terms of price or tax benefits. The four industrial cities under the project are Dholera Special Investment Region (Gujarat), Shendra Bidkin Industrial Park & Dighi Port Industrial Area (Maharashtra), Integrated Industrial Township (Greater Noida, Uttar Pradesh) and Vikram Udyogpuri (Ujjain, Madhya Pradesh).