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

Posted by on Sunday, February 10, 2019

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.9,488Cr. (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 EdapadiPalanisamy, making it the largest such deal in Chennai’s history. This is a milestone event in the annals of Alliance Group and reinforces its commitment to the Chennai market.

“This is a proud moment for the Alliance Group, as the Honorable Chief Minister EdapadiPalanisamy 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 Minister’sgrand gesture” saidMr. 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/Annanagar, 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.

“From the days thatEast India Company was operating inMadras, 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.

The specific aim of Alliance projects that are 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 Group’s Urbanrise brand would be a perfect choice for any homebuyer 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 lifestyle.

According to Honorable Chief Minister EdapadiPalanisamy “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 the first edition of TNGIM held in 2015.

Here is to a great year ahead for Chennai and its citizens!

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