Raheja Corp to create 4.5 mn sft for IT companies in Mindspace II

2.5 million square feet area to be created for a hotel and residential buildings

K Raheja Corporation Private Limited has proposed to create 4.5 million square feet of office space for IT and ITeS companies in Mindspace, coming up in 110-acre land east of Hyderabad.

This is the company's second venture. Another 2.5 million square feet area will be created to provide other support businesses, including a hotel and residential buildings.

Chief minister Y S Rajasekhara Reddy today laid the foundation stone for the Mindspace project, which has received an in principle clearance for IT SEZ status.

According to Vinod Rohira, director (sales and marketing), the first phase of the project wold be completed in about 20 months from the completion of all formalities and it was proposed to complete the entire project in five years.

He said that once completed, project could provide more than one lakh job opportunities.

In its first project, Mindspace, located in Hitech city in over 100-acre area, has a committed provision for 6.5 million square feet of office space, of which 1.4 million square feet has already been constructed and another 3 million square feet area is under development.

Vinod said he would see no problem in occupancy going by the way Hyderabad was developing as the future hub of IT industry in the country.

According to Vinod, Raheja Corp is looking at all the tier two cities in the country having over 2 million population with necessary infrastructure and human resources to develop similar IT parks. In the state, the company is looking at Vizag as its next IT destination, according to him.

He said that the work on Mindspace, which is located at Pocharam, would begin as soon as the final nod for SEZ status was given by the Centre.

While refusing to provide details of total investment and the funding pattern for the project, Vinod, however, said the company was going to incur around Rs 1,600 per square feet for the construction.