MP Housing Board signs two agreements with IDFC under India Infrastructure Initiative to carry out re-densification projects in Bhopal and Gwalior

The Madhya Pradesh Housing Board today signed two agreements with the India Infrastructure Initiative, which is jointly promoted by IDFC and Feedback Ventures. The India Infrastructure Initiative will undertake project preparation and partner selection for two PPP projects in Madhya Pradesh. These are the "Thathipur" project in Gwalior and the "Central Business District, South TT Nagar" project in Bhopal under the Re-densification scheme of the State Government.

"These two projects will give a new impetus to urban development in the State. Bhopal and Gwalior will soon become world-class cities through this unique Public Private Partnership model." This was stated by Shri Shivraj Singh Chauhan, Honorable Chief Minister of Madhya Pradesh, under whose auspices the two agreements were signed.

"Madhya Pradesh is experiencing rapid urban growth. Its existing cities need to be redeveloped to maximize their ability to provide office, residential, and commercial space. The re-densification scheme is a good way forward to best use the available land. These two projects will create jobs during the construction of the new development and later increase government revenues due to the creation of more taxable properties. I compliment the team from the India Infrastructure Initiative (III) for taking on this challenging assignment." This was added by Mr. Jayant Kumar Malliya, Honorable Minister of Housing, Government of Madhya Pradesh.

"Using the PPP route to garner resources and create urban capacity is a step forward for the MP Housing Board. Re-densification has happened in smaller areas, but these two schemes are massive and unique and they will have a higher overall impact on the two cities." said Mr. R. K. Swain, Commissioner, MP Housing Board who signed the agreements with Mr. Shailesh Pathak, Head, PPP Initiative, IDFC.

"I am confident that III will complete this mandate in the most comprehensive and transparent way adding value to the work of MP Housing Board. The strong capabilities of IDFC and Feedback Ventures allows us to make this unique, no-cost offering to the Government of Madhya Pradesh," added Mr. Shailesh Pathak.

About the projects

1) Thathipur Project, Gwalior
This project involves redevelopment of seventy acres of area of land located on Gandhi Road. Twenty acres will be reserved for government housing and other infrastructure facilities. The remaining fifty acres will be given to the highest bidder for commercial and residential development. The construction of government houses will be funded out of the money coming from the bidder.

2) Central Business District, South TT Nagar Bhopal
This project involves redevelopment of an area of fifteen acres of land in the heart of Bhopal into a ultra-modern Central Business District, which will be focused on commercial development having multiplex, malls, retail outlets, star hotels, and offices for professionals. The infrastructure needs for thirty-two acres of land will be also planned in this project. The redevelopment will be planned and carried out in public private partnership.

III's role will be to conceptualize these projects and manage the process of identification and selection of the private sector partners in an open, transparent and competitive manner for development of these projects.

About MP Housing Board
Madhya Pradesh Housing Board is an instrument of Government of MP. Constituted under its own Act of 1973, it was created with a special purpose of solving the housing problems in urban and rural areas. Of late it has also moved into infrastructure development. The Re-densification schemes has been assigned to MP Housing Board so that there can be optimal use of urban land.

About III
The India Infrastructure Initiative offers a "no-cost" solution to the Government / Government Undertakings to hand-hold them through the process of project preparation and partner selection for the identified infrastructure projects. For its services to create a pool of bankable infrastructure projects, III does not charge the Government or Government agencies and instead recovers its costs from the selected private sector partners for the projects, thus creating a win-win situation for all concerned. III is a facility created by IDFC and Feedback Ventures.