K Ra­heja Corp Plans Tech Parks in Mum­bai, Pune

Co to set up Mum­bai park at Ghan­soli, to ac­quire 30 acres in Pune for 2nd project

The Economic Times - - Companies - Kailash.Babar @times­group.com

Mum­bai: K Ra­heja Corp is work­ing on plans to build two in­fotech parks to­talling 6 mil­lion sq ft leasable space in Mum­bai and Pune over the next two years.

This will add to the ex­ist­ing port­fo­lio of the com­pany, which is In­dia’s sec­ond largest de­vel­oper of busi­ness parks, that span com­pletely leased 20 mil­lion sq ft of­fice space across Mum­bai, Navi Mum­bai, Hy­der­abad and Pune.

Its manag­ing di­rec­tor Vinod Ro­hira told ET in an ex­clu­sive in­ter­ac­tion that un­der this plan, K Ra­heja Corp has en­tered into an agree­ment to ac­quire a 30acre land par­cel in Pune from builder Gera De­vel­op­ers. It is plan­ning to de­velop an IT park with to­tal 3.5 mil­lion sq ft leasable space on this plot, he said.

“We are tak­ing an ag­gres­sive po­si­tion to build ma­jor sup­ply of IT busi­ness parks across Mum­bai and Pune. Over the next few years, we are look­ing at de­vel­op­ing 1 mil­lion sq ft of land with in­vest­ment of .₹ 250 crore every year,” Ro­hira said. “Our en­deav­our is to make the mar­ket sup­ply-driven and to main­tain rents eco­nom­i­cal be­low .₹ 50 sq ft mark to at­tract busi­ness,” he said.

In De­cem­ber 2015,Ra­heja ex­e­cuted one of the big­gest land trans­ac­tions in Mum­bai Metropoli­tan Re­gion, when it ac­quired a 30-acre land par­cel in Ghan­soli lo­cal­ity for .₹ 210 crore from US-based spe­cialty chem­i­cals com­pany Cabot Cor­po­ra­tion. The sec­ond pro­posed IT park will be de­vel­oped on this land par­cel.

Last year, the com­pany had also bought out JP Mor­gan’s 49% stake in the joint ven­ture Airoli Gi­gaplex com­mer­cial project in Navi Mum­bai. With this trans­ac­tion, it now has com­plete con­trol over the 4.8 mil­lion sq ft as­set.

The de­vel­oper has branded its IT parks as Mindspace and Com­mer­zone, with ex­ist­ing de­vel­op­ments in Pune, Mum­bai’s Malad sub­urb, Airoli and Juina­gar in Navi Mum­bai, and Mad­ha­pur in Hy­der­abad. Both the pro­posed IT parks on re­cently ac­quired land parcels in Mum­bai and Pune will be de­vel­oped un­der the brand Com­mer­zone.

“We ex­pect the new IT pol­icy of Ma­ha­rash­tra will prove to be a boost to fur­ther at­tract­ing and strength­en­ing the state’s po­si­tion as a fast grow­ing IT des­ti­na­tion in the coun­try. Absorption is ro­bust now and will con­tinue to be this way. Be­tween Mum­bai Metropoli­tan Re­gion and Pune, each will see 4-5 mil­lion sq ft of com­mer­cial space con­sump­tion per year,” Ro­hira said.

The two pro­posed in­fotech parks will have a to­tal of 6-mil­lion sq ft leasable space


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