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Chidambaram’s 194IA provision stumps property buyers

PM News Bureau - August 7, 2013

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The Gem and Jewellery Export Promotion Council (GJEPC) has signed a draft agreement with the Maharashtra Industrial Development Corporation (MIDC) for granting the possession of land for 95 years to set up the India Jewellery Park Mumbai (IJPM). The India Jewellery Park in Mumbai will augment the jewellery manufacturing ecosystem in the state, complemented by the ease of doing business, thereby evolving it into a preferred destination for global manufacturers and investors. It will contribute to the economic development of Maharashtra and India by attracting investments of over Rs 20,000 crore. It will create employment opportunities for over one lakh workers. The India Jewellery Park Mumbai is an integrated gem and jewellery industrial park with manufacturing units, commercial areas, residences for industrial workers and commercial support services. It will provide effective support to jewellery manufacturers and traders who are interested in expanding in Maharashtra to initiate new business or strengthen their existing ventures. GJEPC has formed IJPM as a special purpose vehicle (SPV) and its wholly-owned subsidiary Section 8 company known as IJPM in 2018, limited by guarantee as an SPV. The Jewellery Park is envisaged to house more than 1,000 gems and jewellery units on 21.3-acre land in Mahape, Navi Mumbai.

GJEPC inks 95 year land lease pact for India Jewellery Park

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