Jaipur, June 15 : Plans for a business-cum-shopping centre worth Rs.3.5 billion were announced here Wednesday.

The World Trade Park, announced by R.F. Properties, will be built in the heart of the city. It will have offices, a convention centre, retail outlets, exhibition halls, a five-star hotel, a multiplex, trade lobbies, an art gallery and a "computer-controlled" parking for 1,100 vehicles.

"With this project, we are venturing into blending tourism and trade. The World Trade Park will provide a platform for our business fraternity to reach the world while allowing international investors to reach Rajasthan via a single window," said Sajjid Khan, chairman of the World Trade Park.

R.F. Properties said it has got the Rajasthan government's approval and plans to begin construction within a month.

The first phase of the project is expected to be finished within two years. Details of the next stage of the project, which will house ancillary units, are still on the drawing board.

The park will be built on a 20,000 sq yard site.

The project is initially going to be self-financed, Khan said, adding that further investment would come from institutional investors. Recovery of the investments would be made over 10 years.

According to the promoters, the World Trade Park is expected to generate a business of Rs.70-80 billion within two years of being launched.

Bookings are scheduled to begin in the last week of June. One can pay Rs.1.5-2 million for a 400 sq feet area and also get free access to facilities such as the convention centre, company sources said.

Source : (IANS)