Private Sector | Gujarat - India | PID: 167130
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Value: 25.16 Crore | Nila Infrastructures Limited (the "Company") has today received a work order from Ahmedabad Municipal Corporation (AMC) for the Integrated Slum In-situ Development for Public Private Partnership (PPP) Project (Package-13) of approximately 360 residential units at Ahmedabad under Urban Development & Urban Housing Department, Government of Gujarat's Slum Rehabilitation and Redevelopment Policy-2013
The Project envisages to rehabilitate about 360 slum-dwelling families living at Khodiyarnagar Asarwa, Ahmedabad. The total area under the project of approximately 6,085 sq. mtrs. will be redeveloped in 24 months at a total development cost of approximately Rs. 25.16 crore. As remuneration, the Company will get the balance vacant land of approximately 1893 sq. mtrs. worth Rs. 7.58 crore and the Transferable Development Rights (TDR) of Rs. 17.58 crore
Commenting on the project award Mr. Deep Vadodaria, Chief Operating Officer said: "This is our third direct PPP order of Integrated Slum In-situ Development with AMC. With this PPP order, the Company will be executing approximately 1.09 million sq. feet under Slum Rehabilitation and Redevelopment Projects, including a project at Ramapir No Tekro, Juna Wadaj, Ahmedabad for Vivyan Infraprojects LLP on EPC basis. This is in line with the Company's Strategy tosecure high-expertise PPP projects. The Company stands to gain from a land parcel with higher FSI/FAR in the locality of Asarwa, Ahmedabad. While, the TDRs will offer financial and operational flexibility to either use it for captive consumption or monetize it by selling it to other developer/s, depending on the market trends
Besides, we are favorably placed to mobilize the resources and execute this Project swiftly as it is located at just 2-3 kilometers away from our existing ongoing PPP Project of In-situ Slum Redevelopment with AMC at Shahibaug, Ahmedabad that is scheduled to enter the concluding phase, soon
With the execution of such projects,the Company will be contributing to the national cause championed by AMC's commendable goal of 'Housing the Poor' and 'Slum Free Ahmedabad'. Including this project, the Company is playing its part to improve the living condition for about 2,600+ Slum dwelling families. This also reinforces the Company's Vision to Contribute to the economic prosperity and growth through participation in projects of national importance and enhances visibility of our order-book
| Updated on: 22 - Jun - 2017
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