The Hindu Business Line : Raheja to invest Rs 400 cr in Mindspace expansion

K. Raheja Corp, the Mumbai-based realty developer, has announced plans to expand Mindspace, its IT park in Hyderabad, which will see further investment of Rs 400 crore for office-cum-related space of 5 million sq. ft.

The expansion project would include apart from IT workspace, a five star hotel and a mega mall. The company, which has a joint venture with the State-owned Andhra Pradesh Industrial Infrastructure Corporation Ltd, (APIIC), has developed 3 million sq. ft. of quality office space and is a host to major global companies.

Addressing a press conference here on Thursday, coinciding with three years of their presence in Hyderabad, the Chairman of K. Raheja Corp, Mr C.L. Raheja, said Minspace Cyberabad has already created about 15,000 jobs and to this another 70,000 jobs are likely to be added within 3-4 years, directly in addition to indirect ones.

One more mega park

The Raheja Corp has also taken up another mega park near Hyderabad, in addition to the Mindspace Park to come up in 105 acres of land. The Pocharam Park project would mean creation of about 7 million sq. ft. of office-cum-residential space.

Mr Raheja said there is huge demand for large built up space and most of the existing companies are expanding, apart from new ones looking at Hyderabad. In fact, some companies are demanding office space of about half a million to 1 million sq. ft. each.

Referring to their expansion plans, Mr Raheja said that they continue to take up new projects in Bangalore, Mumbai and Pune and are on the look out for more expansion projects in new cities.

The Managing Director of APIIC, Mr B.P. Acharya, said that the Raheja Parks here have got in principle nod for special economic zone.

Of the total 150 parks to receive in principle clearance for SEZs, 32 of them are located in Andhra Pradesh across various sectors including IT and IT ES.

The Raheja Corp is in the process of establishing mega malls and expects to complete this mall in Hyderabad within 30 months, which will have total built up space of about 3.5 lakh sq. ft. To this will be added a 300-room five star hotel.

More Stories on : Infrastructure | Real Estate & Construction | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page