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 30-acre 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 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 Rs 250 crore every year,” Rohira said. “Our endeavour is to make the market supply-driven and to maintain rents economical below Rs 50 sq ft mark to attract business,” he said.
In December 2015, the company had executed one of the biggest land transactions in Mumbai Metropolitan Region, when it acquired a 30-acre land parcel in Ghansoli locality for Rs 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 mn 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 fast growing IT destination in the country. Absorption is robust now and will continue to be this way.
With a large commercial portfolio, K Raheja Corp is seen as a candidate for listing its real investment trust in India. The company has developed more than 30 million sq feet of commercial space across western and southern parts of the country.
In 1999-2000, K Raheja Corp developed the first organised suburban business park, Mindsapce in Mumbai’s Malad locality.
The company has so far developed 7 million sq ft space in all including IT parks, commercial, residential and retail projects in this project spread over 110 acres. Some of the key tenants currently operating out of the developer’s IT parks are Accenture, Cognizant, L&T Infotech, Syntel, Capgemini and Wipro.
Credits ET Realty