K Raheja Corp, Gera Developments to build IT-SEZ in Pune

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Realty firms K Raheja Corp and Gera Developments have partnered to construct an information technology-special economic zone (IT-SEZ) in Pune at an investment of about Rs 1,000 crore over the next four years.

Property consultant JLL India has facilitated the deal between the Mumbai-based K Raheja Corp and Pune's Gera Developments for the development and operation of the prime 30-acre land parcel in Pune's IT hotbed Kharadi.

"The land parcel will be developed into an ultra-modern IT-SEZ under the Gera Commerzone banner and will yield 3.5 million sq ft of leasable space," JLL said in a statement.

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When contacted, Gera Developments Managing Director Rohit Gera said: "We are both going to develop this IT-SEZ together. The land parcel belongs to us. After the development both the companies would be co-owning this project."

He expects the construction of this project to start by August and would take about 4 years for completion.

Asked about the project cost, Gera said that the construction cost for this project would be about Rs 1,000 crore.

"There is an adequate demand for the office space in IT-SEZ," he said.

JLL India Managing Director (Pune) Sanjay Bajaj: "This IT Park will go a long way in meeting Pune's massive pent-up demand for Grade A office spaces in the Information Technology segment."

Against the supply of 4.8 million sq ft of Grade-A office spaces which Pune received in 2015, 4.7 million square feet were absorbed, Bajaj added.

"IT/ITeS is the city's biggest contributor to prime office space absorption as well as employment generation. Pune has to date been Maharashtra's strongest performers after Mumbai in terms of IT/ITeS-spurred growth," Bajaj said.

Kharadi, one of the most important IT/ITeS locations in Pune, is home to major global IT and business process outsourcing companies, JLL India said.