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Market of India: New landmark in North Chennai at a cost of Rs 5,500 crore

The project, a Rs 5,500 crore initiative of SPR Group over the next seven years, will also comprise residential towers, world-class school, mall and office buildings.

CHENNAI: Sixty-five acres at Binny Mills at Perambur here will transform into an integrated township and will possess India’s largest multi-commodity wholesale trade centre – Market of India.

The project, a Rs 5,500 crore initiative of SPR Group over the next seven years, will also comprise residential towers, world-class school, mall and office buildings.

The project is expected to generate more than 133,000 employment opportunities, both direct and indirect. One-third will be direct – one job for every 150 sq ft and the balance two-third employment will be indirect, a group release said.

Spread over 5.5 million sq ft, 3 million sq ft is planned towards the shopping area and around 2.5 million sq ft will be dedicated to infrastructure, warehousing and parking.

The wholesale trade centre will include more than 5,000 shops and 300 retail outlets with world class infrastructure, warehousing, logistics supply and trade ecosystem.

Of the total 5000 shops, around 1,500 traders have already signed Expression of Interest.

Market of India will have a three-dimensional impact on the economy of Tamil Nadu by providing avenues to Indian manufacturers to market goods, thus aligning with Make in India goals; increasing business tourism across domestic and international market; and urban transformation by providing an alternative to old markets marred by obsolete infrastructure, the release said.

Located just four km from Chennai Central, Egmore and Parrys, the project will aim to solve various problems such as congestion and infrastructure issues in Sowcarpet, George Town, Parrys, Ritchie Street and other market areas.

The market of India will offer cost-effective land solutions at just one-fourth of the prevailing market price.
For residential development, SPR City has already got approval for constructing 45 floors-towers and 85 bungalows.

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.

 

Source: http://www.newindianexpress.com

(Note: This Story has been completely carried over from http://www.newindianexpress.com and apaperboy.com has not edited the content)

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