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MIDC hands over IJPM plot to GJEPC, legal title to be transferred after formalities
This handover by the Maharashtra Industrial Development Corporation marks the physical possession of a portion of the total 86,053-square-meter land allocated for the India Jewellery Park Mumbai project
Mumbai: The India Jewellery Park Mumbai (IJPM), a landmark project of GJEPC aimed at boosting India’s gems and jewellery industry, took a significant step forward on February 22, 2024 with the handover of a 43,026.50 square metre wide plot by the Maharashtra Industrial Development Corporation (MIDC).
Sandeep Sharma, Honorary Treasurer of IJPM, received the plot from A.E. Shelke, Head Surveyor of MIDC, in a ceremony held at the Mahape Industrial Area. This handover marks the physical possession of a portion of the total land allocated for the IJPM project, which is 86,053 square metres wide.
While the physical possession has been granted, the legal title to the land will be transferred to IJPM only after the completion of legal formalities and execution of the lease agreement.
Vipul Shah, Chairman, GJEPC, said, “This is a crucial milestone for the IJPM project. The acquisition of this land allows us to move forward with the construction phase and bring our vision of a world-class gems and jewellery hub to life.”
The India Jewellery Park Mumbai is envisioned as a one-stop destination for all stakeholders in the gems and jewellery industry. It will house manufacturing units, design studios, trading centres, and other essential facilities. The project is expected to attract investments of over Rs 50,000 crores and create employment opportunities for over 100,000 people.
The Maharashtra government has been actively supporting the development of the IJPM project through several subsidy incentives, recognising its potential to contribute significantly to the state’s economy. The allocation of land by MIDC is a testament to this commitment.
With the acquisition of the land, the IJPM project is now poised to enter its next phase of development. Construction is expected to begin soon, and the project is on track for completion in a few years.
Courtesy: GJEPC
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