In a significant advancement for the India Jewellery Park (IJP) Mumbai, a pioneering endeavor by the Gem & Jewellery Export Promotion Council (GJEPC) to fortify India’s gems and jewellery sector, a crucial milestone was achieved on February 22, 2024. Media reports indicate that the Maharashtra Industrial Development Corporation (MIDC) handed over a sprawling 43,026.50 square meter plot, marking a pivotal moment in the project’s progression.
Handover Ceremony Marks Physical Possession: Sandeep Sharma, the Honorary Treasurer of IJP, was bestowed with the plot in a formal ceremony conducted at the Mahape Industrial Area. A.E. Shelke, Head Surveyor of MIDC, presided over the handover.
This event signifies the physical acquisition of a segment of the total 86,053 square meter land earmarked for the IJP Mumbai project. However, it’s noteworthy that while physical possession has been granted, the legal transfer of land title to IJP Mumbai awaits completion of requisite legal formalities and lease agreement execution.
Vision of a Flourishing Hub Takes Shape: Vipul Shah, Chairman of GJEPC, expressed profound significance attached to this milestone, remarking, this is a crucial milestone for the IJP Mumbai project. He emphasized that the acquisition of the land propels the project into the construction phase, bringing the vision of a world-class gems and jewellery hub closer to realization.
The India Jewellery Park Mumbai aims to emerge as a comprehensive destination catering to diverse stakeholders in the gems and jewellery realm. Envisaged to encompass manufacturing units, design studios, trading centers, and essential amenities, the project is poised to attract investments exceeding Rs 50,000 crores.
Moreover, it is anticipated to generate employment opportunities for over 100,000 individuals. The unwavering support extended by the Maharashtra government underscores the project’s potential to significantly bolster the state’s economy. The allocation of land by MIDC stands as a testament to this collaborative effort.
Next Phase: Construction Set to Commence Soon: With the successful acquisition of land, the IJP Mumbai project gears up for its next developmental phase. Construction is slated to commence shortly, aligning the project trajectory with its envisaged timeline for completion within a few years.
As the project transitions into its construction phase, anticipation brews around the transformative impact it is poised to impart on India’s gems and jewellery landscape and the broader economy.