The Punjab government has signed a Memorandum of Understanding (MoU) with QuarkCity India Private Ltd to create state-of-the-art industrial parks, industrial and model towns and integrated townships in the second phase of the project to be spread over 5,000 acres across the state.
According to a government official, 2nd phase of Quarkcity project would be meticulously designed to distribute the covered area for industrial, residential and commercial use, including public utilities, amenities and common infrastructure.
Of the total area, 10% of land would be earmarked for creating infrastructure for educational facilities, and 30% of the covered area would be reserved for industrial use, and another 25% for hotels, integrated multiplexes, malls and convention centres. Under the MoU, the scope of work would include acquiring of land, development of infrastructure towards creation of Industrial parks in Rajpura, Kharar and Fatehgarh Sahib in a time-bound manner.
It may be recalled here that in July, 2017, Quarkcity had signed an agreement with the state Government wherein it had undertaken to develop an IT park over 51 acres in Mohali. An investment of Rs. 400 crores has already been made in this project by QuarkCity, out of the total committed minimum fixed capital investment of Rs. 700 crores, which is likely to go up by the time the project is completed.