Prozone Liberty plans Rs 2,000-cr project in Jaipur

Prozone Liberty, a joint venture between Liberty International Plc, UK, and Provogue India Ltd, plans to develop an entertainment, shopping and financial hub on 4.5 million sq feet in Jaipur.

"The 'Jaipur Festival City', a Rs 2,000-crore project, is going to be one of its kind in the country," a company official said.

Maintaining that Rajasthan was the largest driver of tourism in the country, he said if Jaipur were to maintain the lead, it would require investments in line with the growing demand for infrastructure of international standards.

Jaipur Festival City would have the potential to meet these requirements and put Rajasthan on the international tourist and business map, he added. Jaipur Festival City will be designed on international lines.

Plans are to incorporate local heritage craft and architecture as the common thread along with world-class environment mix.

Services like banks, ATMs, underground and multi-level car parkings and public transport, service alleys for transportation of goods, separate entry and exit for all service vehicles, handicap services, crèche, first aid, 100 per cent power backup, logistics service provider among other world class amenities will give the necessary thrust to the state.

Jaipur being strategically located and connected for travel within India and abroad, has the advantage of attaining a special commercial and business district status.

This will attract multinational and national banks, insurance companies, mutual funds and other financial advisory services from neighbouring states to establish their base in a larger scope at Jaipur. Also, with the addition of new hotel rooms in the star and budget rated categories, it will attract more tourists.

Liberty International Plc is a UK FTSE 100 listed property company, with assets of over GBP 10.8 billion (equivalent to approx. Rs 90,000 crore), of which regional mixed-use centres amount to 85 per cent of the portfolio.

They are the third largest REIT in the UK and amongst the top 20 in the world. Liberty International Plc is one of the World's largest such groups and own 9 of the top 21 regional mixed use centers in the UK.

Amongst the centers that Liberty owns are the prestigious Covent Garden in central London, the Metro center in Newcastle, Lakeside Thurrock, Manchester Arndale Center etc.

Provogue (India) Limited is amongst the top 5 listed retail company on the Indian stock Exchanges. It has grown by over 50% in sales, EBIT, and PAT over the last 5 years. It has a national network of over 100 stores spread across 50 cities and employing over 1000 people.