Saturday, December 16, 2006
SANJAY JOG & MONA MEHTA
Posted online: Sunday, December 17, 2006 at 0006 hours IST
MUMBAI, DEC 16 : Various education trusts and institutes have launched ambitious real estate development plans covering land of 500 acres to 3 lakh sq ft.
The Vedanta group, which has entered into an agreement with the Orissa government for the development of a $1 billion university project, has shortlisted Chennai, Hyderabad, Mumbai, Pune and Ahmedabad for the acquisition of 4,000 acres of land to develop a Harvard-like institute.
Bharati Vidyapith and Symbiosis have acquired over 300 acres of land each. Mumbai Education Trust plans to develop an international school and colleges on property spread over 200 acres in Nashik. Mumbai’s Somaiya Trust is close to acquiring 300 acres in Delhi.
Said Niranjan Hiranandani, MD, Hiranandani Constructions, “This is a welcome trend, whereby trusts can acquire land to build their own properties.”
A trust affiliated to a veteran politician from Pune, in a bid to escape legal barriers, has formed a special purpose vehicle to develop 1,500 acres of land in Pune.
Somaiya Trust, which runs a polytechnic and engineering college in Mumbai, would also buy over 600 acres in Hardwar and Rishikesh for setting up technical institutes.
Sameer Bhujbal, trustee of Mumbai Education Trust, told FE: “The trust has recently developed an education complex on 34 acres in Nashik and it is in the midst of developing another complex on over 200 acres in Nashik.”