The state government of Rajasthan has signed four memorandum of understanding (MoU) with four development companies to place an investment of Rs. 5,400 crore to boost affordable housing across the state. These MoUs are the part of the 27 MoUs signed by the state entailing an investment of Rs 12,478 crore in housing and urban development projects in Jaipur. Out of 27, 14 MoUs will bring an investment of Rs. 9,273 crore into housing projects.
The firms who has signed the MoU with Rajasthan government are Tata Housing Development Company, Mahima Real Estate, National Building Construction Corporation and Wish Empire. According to the statement of Union Urban Development Ministry, the Tata Housing Development Company commit to invest Rs. 2000 crore in affordable housing and mixed use land township over an area of 10.12 hectare. The Mahima Real Estate will invest Rs. 1,700 crore in affordable housing and group housing followed by National Building Construction Corporation and Wish Empire which would invest Rs. 500 crore each in Rajasthan.
Of 27 MoUs, 14 are housing related investment project which are expected to provide employment to 26,650 people and other MoUs which are signed by the state are related to health care, education, industry and tourism in different parts of Rajasthan.
Meanwhile, Union Urban Development Minister said that the MoUs mobilising investments in affordable housing will act as a lighthouse for others. There is a new churning and new beginning by urban local bodies in the states since the launch of the smart cities mission and a new enthusiasm to address the challenges of urbanisation in the country.
“The recasting of the country’s urban landscape is a challenging task given the inadequacy of basic infrastructure in urban areas which also offers immense investment opportunities”, he also added.