Being set up at an initial investment of Rs 150 crore, the foundation stone was laid by Chief Minister Shivraj Singh Chouhan.
"With the laying of foundation stone for the university established by Symbiosis Foundation, we hope that the country gets recognition in the world," the Chief Minister said in the presence of its Founder Chairman Shantaram Balvant Majumdar.
Chouhan stressed on skill development of youth in the state so that they get maximum employment opportunities.
The Chief Minister said the government helps institutes like Narsee Monjee and Symbiosis set up their campuses in the state.
Symbiosis Foundation's Vice Chairperson Swati Majumdar said the insitute would invest Rs 150 crore initially to establish Symbiosis University of Applied Sciences.
The residential university will begin different courses from 2016 and in the next five years, nearly 5,000 students will study at this institute.