Mumbai, June 15 -- The project involves the development of a 38,922 sq. metre land parcel and aims to create a dedicated infrastructure ecosystem for the gems and jewellery sector in the state.

As per the agreement, Ashoka Buildcon will pay a premium of Rs 112.40 crore along with an annual lease rent equivalent to 2% of the premium amount, subject to a 10% escalation every fourth year.

The project has been awarded on a lease basis for an initial period of 30 years, extendable up to 90 years. The company is required to complete construction within five years.

Ashoka Buildcon said the project will strengthen its presence in urban infrastructure and real estate development through the PPP route and further diversify its project portfolio....