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| Lavasa ties up with Cisco, Wipro |
| Press Trust of India / Mumbai Jul 07, 2010, 19:47 IST |
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Infrastructure major HCC's realty arm Lavasa Corporation, which has floated a firm MyCity Technology in partnership with IT major Wipro today tied-up with networking leader Cisco to provide Information and Communication Technology (ICT) services in the Lavasa city.
MyCity Technology, a joint venture company between Lavasa, Wipro and Cisco, will invest around Rs 450 crore. It will be utilised over the next 10 years to provide ICT and architecture solutions such as water and fuel management, security, better transport and communication and to make the Lavasa city energy efficient.
"MyCity is an endeavour towards making Lavasa a planned and well-managed city. With partners like Cisco and Wipro, we intend to make it green and sustainable through effective use of modern technology," Lavasa's Chairman Ajit Gulabchand told reporters at a press conference here today.
Gulabchand, however, refused to divulge any details about the stake each company holds in MyCity.
Spread across 20,000 acres amidst the Sahyadri hills, Lavasa is developed by construction major Hindustan Construction Company (HCC) near Pune. The construction started in 2006 and will take another 10 years to be fully operational.
He said the city, to be developed with a total investment of about Rs 1,50,000 crore, will have 5-6 towns. Its first town will be complete by this year-end.
The bookings for the first town have already begun, Gulabchand said, adding property prices start from Rs 5 lakh for Starter Homes to Rs 3 crore per villa.
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