Bhopal, Mar 21 (UNI) The Madhya Pradesh Housing Board (MPHB) today signed two agreements with the India Infrastructure Initiative (III), which will undertake project preparation and partner selection of two re-densification projects in the state.

The Public Private Partnership projects include 'Thathipur project' in Gwalior and the 'Central Business District, South T T Nagar, project' in Bhopal.

The III is jointly promoted by the IDFC and Feedback Ventures.

Pointing out that the two projects will give a new impetus to urban development, Chief Minister Shivraj Singh Chouhan said Bhopal and Gwalior will become world-class cities through this unique project, a release said here today.

Housing Minister Jayant Malaiya said the cities needed re-development in view of the rapid urban growth. The re-densification scheme will help in judicious use available land besides creation of job.

Later, the projects will also contribute to the government coffers through creating more taxable properties.

The Thatipur project involves re-densification of 70 acres of land on Gandhi Road with 20 acres being reserved for government housing and other infrastructure facilities.

Remaining 50 acres will given to the highest bidder for commercial and residential development. The money from the bidder will be used to fund the construction of government houses.

The South T T Nagar project involves re-development of an area of 15 acres of land in the heart of Bhopal into an ultra-modern Central Business District, which will be focussed on commercial development having multiples, malls, retail outlets, star hotels and office of professionals, the release added.

UNI