Royale Estate Group to create Global level Industrial park - Mohali Industrial Economic Zone (MIEZ)

Chandigarh: In what will give a major boost to industrial development, investment ecosystem and economy of the region, Royal Estate Group (REG) is coming up with a state-of-the-art Industrial Park, Mohali Industrial Economic Zone (MIEZ) on the Banur-Tepla Road (BTR). Expected to be spread over 250 acres of land, MIEZ is based on the integrated development principle – live, work and play and will have the best-in-class infrastructure. Directors of REG Piyush Kansal and Ashish Mittal interacted with the media here to share details of the one-of-a-kind industrial project.

“We have acquired the land for the mega project and have also got a Change of Land Use (CLU) for the same. Work is progressing on a war footing and we will soon establish MIEZ which will be suitable for all kinds of industries – white, orange, green, red, textiles, chemicals, pharmaceuticals, tools and precision, assembling units, printing press, building material, warehousing solutions, cold storages, engineering and fabrication units, electrical and electronic items, food and food processing, ceramics and refractories, distillery, pesticides and more,” said Piyush Kansal, Director, REG.

For sustainable industrial growth of Punjab, the state government under 'Invest Punjab' has designed a policy around eight core strategic pillars. These are infrastructure, power, MSMEs, ease of doing business, start-up and entrepreneurship, skills, fiscal and non-fiscal incentives.

The Plan is to offer a 360 degree solution for all industrial needs. It will have effluent treatment plants (ETPs), a skill development centre, an R & D centre, tool and equipment room, wide concrete roads and all civic amenities. “It will be a unique investment hub. First of its kind Integrated Industrial Park dedicated to the MSMEs. The project is in tune with the vision of PM Modi to make India  self reliant. It is also in line with objectives of the Punjab government under 'Invest Punjab', ” said Ashish Mittal, another Director at REG.

MIEZ is planned to be built on the most strategically located  NH 205A, which is witnessing traffic volume of around  50,000 per day between Manali-Ambala-Delhi. What's more, it has clear connectivity to NH-7 and NH-1. NH-7 witnesses 25,000 daily commuters from Chandigarh, Zirakpur, Mohali to Rajpura and Patiala. The location advantage in turn will give a fillip to business growth of the Industrial units. Moreover, it lies in the proximity of the dry port at Shambhu bordering Punjab and Haryana. It is also in the vicinity of Amritsar-Kolkata Industrial Corridor (AKIC).

Talking about the benefits of establishing an enterprise in the planned Industrial zone, Piyush Kansal further said, “An investor will have the advantage of 100 per cent exemption of stamp duty . Moreover, every investor will have 100 per cent exemption of electricity duty for seven years, and 100 per cent exemption from property tax. There will be an investment subsidy too.”

Ashish Mittal further informed that every buyer of a plot in the planned industrial zone will be entitled for collateral free bank loans, one percent interest exemption on overdraft, 50 per cent discount on government fee on trademarks, credit linked capital subsidy scheme for technical upgradation and other benefits.  He said the industrial plots are of 500, 1000, 2000, and 4000 square yards.

MIEZ is being designed to attract Indian industries to set up shop in it. There will be many advantages for such investors. Apart from the different tax exemptions; the start of operations of the cargo terminal at International Airport will be a game changer for industries. Problems associated with land movement of goods will become a thing of the past and industries will be able to ship supplies via the air route. The units working out of MIEZ will promote the 'Make in India'  label with aplomb as the goods produced at MIEZ are sure to be cost effective, due to lower production costs, as a result of different exemptions. The strategic edge related  to land movement will remain as BTR area has good dry port and highway connectivity too. 

Mittal adds, "At REG we took a conscious decision of getting into industrial zone establishment via MIEZ despite this line of business being not as remunerative as residential and commercial space development. What motivated us at REG was the joy one would get by partaking in uplifting the region's economy and creating jobs for youngsters of Punjab and nearby areas. We foresee MIEZ creating as many as 50,000 jobs."

It is worth mentioning that established in 1997, Royal Estate Group has developed projects on 100 per cent registered land. As many as 21 projects have already been delivered around Chandigarh. It is credited with developing the first Group Housing concept in Punjab. It is a zero debt company, proactively providing infrastructure and environment to partners to enhance their productivity and profitability. BW