Alliance Group Commits Rs.9500 Cr. (1.34 Billion USD) Investment at Tamil Nadu Global Investors Meet 2019

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Alliance Group Commits Rs.9500 Cr. (1.34 Billion
USD) Investment at Tamil Nadu Global Investors
Meet 2019
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Alliance Group, one of the leading real estate
developers in the country has committed itself,
to augmenting the phenomenal growth of
residential real estate, commercial properties
and IT Parks in Chennai, Tamil Nadu and signed an
MOU to this effect in the just concluded Tamil
Nadu Global Investors Meet 2019 (TNGIM). The
MOU was signed with Tamil Nadu Industrial
Guidance and Promotion Bureau, for a whopping
Rs.9,488 Cr. (1.34 Billion USD) to develop homes
for all home buyers, cutting across income groups
and generate employment directly and indirectly.
In return, the Govt. of Tamil Nadu will offer
facilitation to Alliance, in obtaining
infrastructure support like power supply, water
etc. and also provide expeditious approvals to
its projects. This investment would also spur job
growth in the various allied industries related
to housing development. Mr. Suneel Bommireddy,
Vice-chairman of the Group has inked the MOU with
the Honorable Chief Minister Edapadi Palanisamy,
making it the largest such deal in Chennais
history. This is a mile stone event in the annals
of Alliance Group and reinforces its commitment
to the Chennai market.
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This is a proud moment for the Alliance Group,
as the Honorable Chief Minister Edapadi
Palanisamy was personally there to sign the MOU
with us. Out of eight companies invited to the
podium, Alliance Group happens to be the only
company from the real estate industry to have
been honored with the Chief Ministers grand
gesture said Mr. Suneel Bommireddy. Alliance
Group over the last 14 years has emerged as a
trusted and top provider of housing solutions in
Chennai, with over 5000 happy customers and
projects covering all of Chennai (Korattur/Anna
nagar, Kelambakkam, Pallavaram, Oragadam, Padur,
Siruseri, Thirumazhisai, Guduvanchery). This MOU
is seen as evidence of Alliance rededicating
itself to the Chennai market directly, and its
unfazed belief in contributing to Tamil Nadu
governments efforts in regaining the top
position and glory in the state GDP rankings in
the country.
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From the days that East India Company was
operating in Madras, the city has shaped into an
industrialized city and that has propelled Tamil
Nadu into top 3 states of the country in GDP
growth, consistently. However, over the last
decade, the GDP growth rate has slowed down, and
to put the economy back on track and solve the
ever-increasing urban demand for housing, such
significant investments in the Real Estate
industry are essential and Alliance group has
taken the lead to invest heavily in Chennai.
Investments in Real estate industry will directly
spur growth in over 160 industries such as
cement, steel, tiles, doors and paints and would
have indirect growth effect on 370 industries
including limestone, plastics, clay and pigments.
We are committed to Chennai and its growth,
stated Mr. Manoj Sai Namburu, CMD, Alliance.
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The specific aim of Alliance projects that is
already grounded, is to provide living spaces
that fit all sizes, prices without compromising
on location, quality and amenities. First time
home eligible buyers also have the option of
aspiring for home ownership by leveraging direct
benefits under Pradhan Mantri Awas Yojana (PMAY)
and income tax benefits under 80 IBA (Housing for
All) clause. The 50,000 aspirational homes
planned under Alliance Groups Urbanrise brand
would be a perfect choice for any home buyer as
they are deemed to be fast moving and easy to
rent - properties complete with all the modern
amenities on par with any luxury home when it
comes to the urban life style. According to
Honorable Chief Minister Edapadi Palanisamy The
second edition of the Global Investor meet which
was held in Chennai on January 23 and 24 was a
huge success, as it witnessed phenomenal
investments to the tune of Rs.3.4 Lakh Cr. (47.9
Billion USD) cutting across many sectors. The
second edition even surpassed first edition of
TNGIM held in 2015. Here is to a great year
ahead for Chennai and its citizens!