Roadshows for Gem Park to kick off on Feb 15

The marketing drive for the multi-crore Gems and Jewellery Park, the first-of-its-kind concept in the trade of gems and jewellery in Hyderabad, will begin on February 15 with road shows across the country.

Projected as architectural wonder, the Rs 60-crore joint venture project with public-private participation will have around 1.6 lakh sqft carpet area.

"Bookings are already going on," said M Chandra Mouli, the managing director of the Andhra Pradesh State Trading Corporation(APSTC). He claimed there was an overwhelming response from the traders and manufacturers of the gems and jewellery industry.

Andhra Pradesh State Trading Corporation, the nodal agency for gems and jewellery trade, has provided land to the project costing around Rs 12 crore as its equity, which amounts to about 20 per cent in the Gems Park.

The entire construction cost is being borne by IOI Corporation Berhad of Malaysia, the private developer of the project. The project is expected to be ready by October 2004.

The Gems Park will house retail and whole sale outlets besides manufacturing facilities. It also has a duty-free and export zone with air cargo and customs clearance facilities at the park premises.

Though the park was initially planned to have a one-level vehicular parking space, one more basement underneath the cellar has been added, without impinging on the commercial space.

"This has certainly added to the cost of the project, which was originally pegged around Rs 52 crore. But the main reason for the escalation of the cost, now revised at Rs 60 crore, is due to the sheet rock deposits found in the entire area under the project site. It took nearly four months to uproot the rock deposits," explained Chandra Mouli.

The construction cost of the project per square metre is estimated to be around Rs 30,000. But the promoters are yet to fix the commercial price for the space. "We will finalise it after receiving inputs and response from the marketing campaign," said Chandra Mouli.

Apart from the business prospects that are expected to grow by leaps and bounds once this new facility comes up, the structure itself is going to be the cynosure of all eyes with its unique architectural splendour.

"Arnald Lim, a Chinese architect, has designed the building with a unique blend of Moghul and Nizam architecture. The five-storeyed structure is embedded with replicas of Kohinoor diamond and Nizam's priceless jewellery. The atrium, which can be termed as the heart of the main structure, is another architectural marvel which is sure to attract tourists. The park will be maintained and managed by the State Trading Corporation," Chandra Mouli informed.