Over 100 entrepreneurs, members of different trade bodies and industrialists of Dhanbad took part in an investors' meet organized by Ranchi Smart City Corporation on Monday to attract bidders for the proposed auction of two plots.

Investors were apprised about the facilities to be offered at the smart city, besides criteria for investing in the project.

The meet, organized at New Town Hall from 11.30 am, witnessed the presence of Amit Kumar, IAS, who was present as Director of State Urban Development Authority as well as chief executive officer of Ranchi Smart City Corporation. He explained the technicalities of the process of applying for investing in the project being developed near Ranchi Airport.

Kumar said, “Any investor, after booking a plot, will be provided a one-year window period. But, once he makes the final payment he will have to complete his proposed project within five years. The investor may complete his project in a single-phase or more than one phase. But, he will not be allowed more than five years for completing a project.”

Kumar said he had received several queries from interested investors.

Investors during the investors' meet at Town Hall in Dhanbad on Monday. Picture by Shabbir Hussain

“The process of participating in the ongoing auction of two plots of the Smart City has been made online. Potential investors can take part in the auction from their homes,” said Kumar, adding that the smart city project was being developed as a model satellite township meant for over 1.5 lakh people.

He said it would be equipped with world-class facilities. "There are several components of the project, including residential, commercial, institutional, public, semi-public or mixed. These offer a golden opportunity for investment," he said.

Hubban Mallick, who is MD of Pay and Clean agency which looks after the operation and maintenance of five mechanized dust sweepers for Dhanbad Municipal Corporation, sought special concessions for young entrepreneurs like him.

“The Ranchi Smart City, being developed close to the airport, will not only provide opportunities for investors but also provide an opportunity to people who dream of living in an area with world-class facilities," Mallick later told reporters.

Patron of Federation of Dhanbad Zila Chamber of Commerce and Industry Rajesh Kumar Gupta, who was also present, suggested that Ranchi Smart City officials also include a clause with regards to limitation of the period for completion of a project. He feared that some investors, after fulfilling criteria in one phase, may not participate in the next phase.

He, however, lauded that project. "The project in Ranchi will create competition among different cities and we would like the government to also plan similar projects for Dhanbad," he said.