President Park Sang-woo of Korea Land and Housing Corp.(LH) shakes hands with NMC Commissioner Ashmin Mudgal after signing an MOU on LH providing advises on smart cities, roads, bridges and others to Maharashtra State in India, on Nov. 17, 2017 while Premier Devendra Fadnavis of the Indian state looks on. (Photo: Devendra Fadnavis Facebook)

The Maharashtra government on Nov. 17 signed a Memorandum of Understanding with Korea Land & Housing Corporation (KLHC) of the Republic of Korea.

Kim Sung-eun, the Consul General of Republic of Korea in Mumbai and Chandrakantdada Patil, Pravin Pote, Madan Yerawar, state ministers of Maharashtra were present during the occasion.

This agreement is aimed at building a strategic partnership for smart cities, roads and bridges while exchanging knowledge and expertise, Maharashtra Chief Minister Devendra Fadnavis said.

The MOU includes the implementation of the 701-km Nagpur-Mumbai Expressway project between Nagpur and Mumbai, two major eastern and western cities in Maharashtra, India, with a total budget of $7 billion.“This MoU is to build a strategic partnership for smartcities, roads and bridges, etc and exchange of knowledge & expertise,” he said on social media.

“I am happy to learn that KLHC intends to work with (the Government of Maharashtra) for smart cities, Maharashtra Samruddhi Corridor and some redevelopment projects,” Fadnavis said.

Korea Expressway Corp. (KEC) and Korea Land and Housing Corp. (LH) will provide technological support.

Korea Land & Housing Corporation, together with its subsidiaries, engages in land, housing, and urban development projects, as well as related activities in Korea. 

The company operates through seven segments: Public Housing, Industrial Complex, Rental Housing, Multifunctional Administrative City Development, Innovation City Development, Land Bank, and Others. The Public Housing segment is involved in the development, construction, sale, and lease of housing units for low income households and individuals. 

The Industrial Complex segment is engaged in the development, construction, sale, and lease of industrial complexes. 

The Rental Housing segment constructs, purchases, rents, sells, and operates rental housing units for low income households and individuals. 

The Multifunctional Administrative City Development segment is involved in the development of a new multifunctional administrative capital of Korea in Sejong City; and development, construction, sale, and rental of related residential and commercial units. 

The Innovation City Development segment is engaged in the urban development of areas for government agencies and government-controlled enterprises. The Land Bank segment is involved in the procurement of land for public projects and market-making activities. 

The Others segment develops large-scale residential and commercial clusters under the name ‘New Towns’; residential land sites; and free economic zones. It also engages in the facility maintenance and leasing, as well as lodging and energy sales activities. Korea Land & Housing Corporation was founded in 1962 and is headquartered in Jinju, South Korea.