New York-based real estate developer Tishman Speyer, in 2006, had entered into an MoU with the state government to construct Waverock, a one million-sft IT office facility, in five years. The government had allotted 12 acres of land at a cost of Rs 4.27 per acre to Tishman at the SEZ.
Phase-I of Waverock was completed by Tishman well in advance at an estimated cost of Rs 600 crore with 700,000 sft, comprising 10 floors generating employment to about 7,000 professional.
Waverock Phase -II, estimated to cost Rs 700 crore, when completely built will provide 1.65 million sft of IT and ITeS office space. The building will be developed in three sub-phases and will be 15-19 storey high with a total area of 650,000 sft each, according to a press release on Monday.