New Delhi, Feb 20 (UNI) Leading real estate player Parsvnath Developers has signed an MoU with the Gujarat government for developing various projects at an investment of Rs 1,600 crore over a period of 2-3 years.

The company will develop townships, group housing, commercial complexes and IT parks at Ahmedabad, Bhavnagar, Rajkot, Vadodara, Surat, Jamnagar and other districts of the state.

''Some projects are being implemented with immediate effect. With this tie-up, Parsvnath Developers becomes a key player in committing large investments in Gujarat by way of real estate projects,'' the company said.

At the recently held Vibrant Gujarat Urban Summit 2007, the state government had invited investment from real estate developers to develop townships, participate in the construction and management of utilities and facilitate implementation of projects and activities in the state.

The memorandum of understanding (MOU) were signed by Mr Ashim Gandhi, Vice President, (Gujarat and Strategic Planning) of the company and Mr K Srinivas, Managing Director, GODC, in the presence of Chief Minister Narendra Modi.

The company yesterday, won a bid to develop a Group Housing Plot at Noida at a cost of Rs 1,750 crore.

The project includes development of 7.5 million square feet of saleable area.

UNI