SMC to ink 245 MoUs worth Rs 14,000 crore

  • | Monday | 10th December, 2018

Surat: Surat Municipal Corporation (SMC) expects to get investments to the tune of Rs14,000 crore for which it will be signing 245 memorandums of understanding (MoUs) with different parties at Vibrant Gujarat Global Summit, 2019 to be held in Gandhinagar. The MoU for metro rail project worth Rs9,000 crore was signed at the summit,” a civic officer said.Demand for housing has been rising in Surat with every passing year. This is the target given by Urban Development & Urban Housing Department of the state government to the civic body and it has already reached an agreement with builders for 162 MoUs worth Rs8,800 crore projects.“SMC’s record in completing the projects is better compared to other cities. In urban development segment, we have completed more than 75 per cent of the projects for which MOUs had been signed,” said a town planning officer of SMC.Municipal commissioner M Thennarasan told TOI, “We approach private builders for MoUs only after we review their work. Private builders sign MoUs on housing in different segments, including for poor with us and majority do complete their projects within the stipulated time.”Urban Development & Urban Housing Department has given a target of 255 MOUs on urban development for Ahmedabad, 245 for Surat, 200 for Vadodara, and 74 for Bhavnagar, sources said.“Only in exceptional cases, investment crosses Rs20,000 crore for a municipal corporation like it had happened with SMC in 2017.

Surat: Surat Municipal Corporation (SMC) expects to get investments to the tune of Rs14,000 crore for which it will be signing 245 memorandums of understanding (MoUs) with different parties at Vibrant Gujarat Global Summit, 2019 to be held in Gandhinagar. This is the target given by Urban Development & Urban Housing Department of the state government to the civic body and it has already reached an agreement with builders for 162 MoUs worth Rs8,800 crore projects.“SMC’s record in completing the projects is better compared to other cities. In urban development segment, we have completed more than 75 per cent of the projects for which MOUs had been signed,” said a town planning officer of SMC.Municipal commissioner M Thennarasan told TOI, “We approach private builders for MoUs only after we review their work. Private builders sign MoUs on housing in different segments, including for poor with us and majority do complete their projects within the stipulated time.”Urban Development & Urban Housing Department has given a target of 255 MOUs on urban development for Ahmedabad, 245 for Surat, 200 for Vadodara, and 74 for Bhavnagar, sources said.“Only in exceptional cases, investment crosses Rs20,000 crore for a municipal corporation like it had happened with SMC in 2017. The MoU for metro rail project worth Rs9,000 crore was signed at the summit,” a civic officer said.Demand for housing has been rising in Surat with every passing year. In past one decade alone, at least 4,00,000 new housing units in different segments had come up in the city.National Housing Bank (NHB), a wholly-owned subsidiary of Reserve Bank of India, has estimated the growth of housing segment in Surat at 3.1 per cent per year as against 0.8 per cent of Ahmedabad.

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