Realty cos queue up for Cidco’s Kharghar project
Nearly 85 companies across the world have expressed interest in Cidco Rs 5,000-crore theme city project at Kharghar in Navi Mumbai. Of those, a dozen companies, including Essel World, have already approached Cidco for the project.
By AMOL MAOKAR, ET Bureau |
MUMBAI: Nearly 85 companies across the world have expressed interest in the City and Industrial Development Corporation���s (Cidco) Rs 5,000-crore theme city project at Kharghar in Navi Mumbai. Of those, a dozen companies, including Essel World, have already approached Cidco for the project.
The location of the theme city, a 250-acre plateau, boasts of a few other world-class projects that are already on the cards. This explains why Tishmen Speyer, a leading US real estate firm that recently bought MetLife Inc���s prime properties in Manhattan, has approached Cidco for a project. Dubai's infrastructure giants Limitless and Emmar are also queuing up. Big Entertainment, too, wants to build a state-of-the-art studio for its joint ventures with Steven Speilberg.
It seems that the global downturn has failed to deter plans of global realty giants. D L N Murthy, general manager (special projects), Cidco, said, "The market situation is worse, no doubt. But for the wise, this is an
opportunity."
Besides Mukesh Ambani, whose company has been in touch with Cidco authorities ever since the theme park tender was advertised last month, Manmohan Shetty's Walkwater Media, Hindustan Construction Company, GVK International, L&T, DLF, Essar and Mahindra & Mahindra are vying for the project.
The proposed project will have a theme-cum-entertainment city rivalling Disneyland in the US or Singapore���s Sentosa Park in size and scope. The corporation has invited global bids with a reserve price of Rs 2,000 crore. The bidding process is expected to be concluded by December.
The winning bidder will have to spend a minimum of Rs 2,500 crore on developing and preserving the scenic location.
The theme city will be well-connected as its location is right across the proposed international airport near the Kharghar railway station. It will comprise adventure parks, a wildlife reserve, a lagoon for aquatic life, galleries, museums, resorts, a health spa, multiplexes, a planetarium, studios, night clubs and parks for children.
The location of the theme city, a 250-acre plateau, boasts of a few other world-class projects that are already on the cards. This explains why Tishmen Speyer, a leading US real estate firm that recently bought MetLife Inc���s prime properties in Manhattan, has approached Cidco for a project. Dubai's infrastructure giants Limitless and Emmar are also queuing up. Big Entertainment, too, wants to build a state-of-the-art studio for its joint ventures with Steven Speilberg.
It seems that the global downturn has failed to deter plans of global realty giants. D L N Murthy, general manager (special projects), Cidco, said, "The market situation is worse, no doubt. But for the wise, this is an
opportunity."
Besides Mukesh Ambani, whose company has been in touch with Cidco authorities ever since the theme park tender was advertised last month, Manmohan Shetty's Walkwater Media, Hindustan Construction Company, GVK International, L&T, DLF, Essar and Mahindra & Mahindra are vying for the project.
The proposed project will have a theme-cum-entertainment city rivalling Disneyland in the US or Singapore���s Sentosa Park in size and scope. The corporation has invited global bids with a reserve price of Rs 2,000 crore. The bidding process is expected to be concluded by December.
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Mr Murthy said the shortlisted bidder will either pay the corporation Rs 2,000 crore upfront against the land or make Cidco an equity partner in the project by forming a special purpose vehicle (SPV). According to a top Cidco official, 60% of the total 250 acres will be reserved for the theme park, while 40% would be earmarked for real estate development. The winning bidder will have to spend a minimum of Rs 2,500 crore on developing and preserving the scenic location.
The theme city will be well-connected as its location is right across the proposed international airport near the Kharghar railway station. It will comprise adventure parks, a wildlife reserve, a lagoon for aquatic life, galleries, museums, resorts, a health spa, multiplexes, a planetarium, studios, night clubs and parks for children.
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