Investors' meet in Indore: Tourism sector records 50% conversions | indore | Hindustan Times
Today in New Delhi, India
Feb 24, 2017-Friday
New Delhi
  • Humidity
  • Wind

Investors' meet in Indore: Tourism sector records 50% conversions

indore Updated: Sep 05, 2014 21:17 IST
Punya Priya Mitra
Punya Priya Mitra
Hindustan Times
Global Investors' Summit

Of the 11 MoUs signed in the tourism sector in the previous Global Investors' Summit in Indore, work has been completed in one project, while it is in progress in five others, making it one of the better performing sectors with over 50% conversion rate.

Sources said after initial teething troubles, work in two of the most prestigious projects - five star hotels in Bhopal and Jabalpur - will take off in October 2014 and January 2015, respectively. Investment in these two hotels has been pegged at a shade over Rs 377 crore and is expected to employ around 2,150 people.

In monetary terms, MoUs to the tune of Rs 1437.06 crore were signed during the global meet and work has been completed or is in progress in projects totaling Rs 740 crore, a shade over 50%. Had all the projects been implemented, it would have provided employment to around 12,000 people.

The completed project is Aakriti Nature Cure Project at Fanda village, Huzure tehsil, Bhopal, involving investment of Rs 25 crore. It was inaugurated on March 30, 2013.

The projects where work is in progress include setting up a resort in Saras village, Sehore, hotel/restaurant in Indore, hotel and resort and amusement park in Maheshwar, hotel and resort and amusement park in Bakania village on Indore-Bhopal Expressway and resort in Dhankot village, Budni district, Sehore.

That red-tapism is still present in the corridors of power, a project to set up a theme resort/amusement park in Dewas by the Hira International Island Group, Dewas, involving investment of Rs 120 crore is yet to take off because even two years down the line, land use of the plot where is the project is to be set up, is yet to be changed from industrial to commercial.

In one case, a project involving setting up of resort, colleges and wellness centre at Budhni, Sehore, which is chief minister Shivraj Singh Chouhan’s constituency, the organisation, Vision Colonizers Private Limited is unwilling to start work.

Besides these projects, 22 new hotels involving investment of Rs 190 crore have come up in MP, providing employment to around 2,000 people.