Ansal Properties to invest Rs.36 bn in SEZ, IT parks

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Ansal Properties to invest Rs.36 bn in SEZ, IT parks

Post  Anand on Thu Aug 21, 2008 11:00 pm

NEW DELHI: Real Estate major Ansal Properties and Infrastructure will invest Rs.36 billion in four special economic zones (SEZs) and two parks in the information technology (IT) sector, the company said on Wednesday.

As part of the development plan, The company will construct around 270 acres of land which will comprise an IT Zone, a commercial zone, a residential zone and a recreational zone.

The four SEZs, branded 'The Campus' will be constructed in Greater Noida, Gurgaon, Lucknow and Khapoli in Mumbai, Ansal Properties said in a statement. The "Net city" IT parks will be built in Lucknow and Noida.

"These SEZs are aimed at growing IT and IT-enabled services firms choosing to set-up centres in adjoining areas of Tier-1 cities in view of the global economic pressures to reduce costs and maximise returns," company chairman and managing director Pranav Ansal said.

The firm currently has received approval for setting up IT SEZs in Greater Noida, Gurgaon and Mumbai. Construction of some of the projects has already begun and is expected to be completed in five to seven years, it said. In July, Ansal had announced it will develop a 250-acre SEZ in Haryana without divulging financial details.

With the profitability margins shrinking in housing projects, developers are now turning to SEZs as their profitability margin is good.

In the recent past, all major developers like DLF ltd., Omaxe, Ansals API, Raheja, and Hiranandanis have announced their investment plans for SEZs.


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Anand

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