Rs 10,000 crore. That's how much DLF commercial will spend to develop SEZs over the next two years. After Gurgaon, Gandhinagar and Nagpur, it's now working in Pune reports CNBC-TV18.
DLF's mantra seems to be an SEZ a month. In the past few months it has announced at least 4 SEZ projects. Its latest will open in Pune in December. It will spread over 55 acres and is a joint venture with Akruti Nirman. DLF will spend Rs 1,000 crore on the project, which is touted to be Pune's first IT SEZ.
To be developed in two phases, it will be complete in 2009. DLF has built and leased 6 lakh sq feet. That's about a third of what will be developed in the first phase. In the second phase another 32 lakh square feet will be developed.
This project commands rentals between Rs 37-40 a square foot a month. Sources say DLF has already leased out space to Cognizant Technologies, which is expected to move in by the end of the year.
DLF is also in talks with some other companies and has big plans for Pune
A S Minocha, Chairman, DLF Comm Developers said, “It has good infrastructure and manpower, so we are seeing a very good scope in Pune, and we will be coming out in a big way in Pune. We'll have IT SEZs, we'll have normal commercial offices, and we'll also develop residential and other areas.
DLF Commercial says it will develop 50 million sq feet as SEZs, over two years, investing Rs 10,000 crore in them. The next stop could be Nasik or Mumbai.
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