Mumbai-Based Marathon Realty has unveiled a Rs 900-crore plan for an information technology Special Economic Zone (SEZ), named Nextzone, at Panvel near Mumbai.
The investment, which will be done in three phases over six years, will include cost of land, construction and infrastructure development for the SEZ. Construction wE begin from September 2008, and the project will be funded through a mix of debt and equity in a 2:1 ratio.
"Nextzone will be ideal for IT companies looking for affordable space. There is abundant trained manpower available in the vicinity Upon development, the SEZ wW fetch us Rs 1,800 crore," said Mayur Shah, Managing Director, Marathon Realty Ltd.
The proposed SEZ with road, rail and maybe even air connectivity wm provide IT companies a cheaper option to set up development centers near Mumbai. Marathon Realty proposed to lease out space at Rs 40 per sq ft in the SEZ, as compared with around Rs 100 per sq ft in Mumbai and Rs 60 per sq ft in Pune, he said. The company has already acquired 26 acres for the SEZ that will have a built up space of 3.2 maion sq ft. The development will be done in three phases.
"Once developed, the SEZ wm house 15,000 people. While 60 per cent of the area wW be developed for IT development centers, 25 per cent will be earmarked for social infrastructure. The remaining 15 per cent will have residential premises of people working in the IT companies," Shah said.
About 1,000 residential apartments are being planned in phases. A Special Purpose Vehicle (SPV) of Marathon Realty wm implement the SEZ project. This SEZ will have uninterrupted power supply and it wm provide a walk-to-work culture.
Source: HT's Business, June-27-08
