Pune: A Netherlands-based financial Dutch State Business organization ATAL has exchanged the term sheet worth ₹600 crores for the Maharashtra Police Mega City (MPMC) project, Lohegaon Pune, reviving the stalled housing initiative over a decade.
This significant indicative term sheet of investment is being facilitated by Rural Enhancers' Ambar Ayade and backed by Deputy Chief Minister Devendra Fadnavis, through the FDI chief of the state and joint secretory Kaustubh Dhavase, this efforts will finally help in completing the project.
The investment initiatives were facilitated by Ambar Ayade, who has coordinated with the state government to expedite the funding commitments over the last year for this stalled project at Lohegaon Pune.
Deputy Chief Minister Devendra Fadnavis played a crucial role in attracting foreign investment through his office of the FDI by providing the required trust and confidence to foreign institutions.
This MPMC project, launched in 2010, aimed to provide housing for police personnel in Pune's Lohegaon area which has 5248 flats and approximately 170 shops
However, it was stalled since 2016 due to financial and other constraints of the Developer and eventually the matter went into the court of the law. With this promise of investment cover, the project will see the light in the tunnel by providing relief to police personnel who had already paid ₹270 crore for their dream homes but got nothing so far.
The president of the Police Housing Society, Bharat Kumar Rane along with India's head of operations and projects of the Atal Consulting BV Anil Kuppa were present yesterday at Hyatt Hotel Pune Viman Nagar, MD AND CEO of Atal Consulting, Han Bartelds where present through video call throughout along with Ambar Ayade of REL.
Key features of the Mega City Project
₹600 crore ECA-based foreign direct investment through a Netherlands-based organization under OECD guidelines.
Investment initiative term sheet is being exchanged between ATAL Consulting BV of Netherlands and MPMC and being facilitated by Rural Enhancers chief Ambar Ayade on the state govt dept of FDI directives, headed by Mr. Dhawse
Deputy Chief Minister Devendra Fadnavis played a crucial role while his most trusted officer Kaustubh Dhawse made it happen, thus resulting in the indicative term sheet along with the complete insurance cover for the whole MPMC project.
Project to provide housing for 5,500 police personnel and 160 shops.
The project has stalled since 2016 due to financial and other constraints and unfortunately, many policeman have lost their lives without seeing their home during Corona.
This Investment ensures project completion without financial risks as it is being insured by an institution that is 100% subsidiary of the Netherlands govt.
"This ECA-based foreign investment will ensure timely project completion now and without any financial risks. I'm glad our police personnel will soon have their own homes," stated Devendra Fadnavis on his social media handle.
The term sheet was signed between Atal Consulting BV Netherlands and MPMC officials, marking a significant milestone in the project's revival in the future, he added.
Kaustubh Dhavase, Joint Secretary and State Government's FDIP Chief said, "I'm happy that Rural Enhancers has successfully facilitated a term sheet for the MPMC project through a Netherlands-based organization. I'm confident that the necessary technical and legal formalities will also be completed. Ambar has done a great job."
Bharat Kumar Rane, Chairman, Maharashtra Police Mega City Corporation, Lohegaon said, "I'm satisfied that DCM Devendra Fadnavis has been guiding the stalled project for the past year. We're exploring ways to allocate homes to all flatholders at their original prices."