The first IT and ITES Special Economic Zone (SEZ) planned by Maytas Properties Ltd within its flagship integrated township project -Maytas Hill County, has taken off today. The company has signed up with its first client, Wells Fargo India, a wholly owned subsidiary of the US-based Wells Fargo & Co, for the SEZ.

Speaking at a press conference here on Thursday, K Thiagarajan, chief executive officer of the company said, ?currently, we are developing the first phase of the SEZ. It would have a built up space of 1.3 million square feet and should be ready for occupation by April 2009.?

? We have made a good beginning. The international financial services company, Wells Fargo, is taking up some workspace within the SEZ. And with Hyderabad being considered as the right destination for IT and BPO industry, we do not see any problem in signing with more IT and ITES companies for the SEZ.?

He said, the entire SEZ project, would come up in about 74 acres of land and would be developed in five phases. It would have a built up area of 8 million square feet and would be completed in the next 8-10 years.

The company would be investing about Rs 2,500 crore in the development of this SEZ project during the next few years.

?The SEZ adheres to the Indian Green Building Council?s LEED Gold rating standards. LEED-certified green buildings reduce operating costs, facilitate healthier and more productive occupants and conserve natural resources. ?

?Along with the SEZ, we will be developing the integrated township with apartments, villas, bungalows, retail space and entertainment infrastructure, educational spaces, hospitality and medical facilities. The entire project will be completed in about 8-10 years,? he said.

In addition to this, the company has notified two SEZ sites in Hyderabad at Gopannapally and Mysamguda, where it plans to build 9 million sq ft of LEED Gold rated SEZ space. Both the projects put together would come up in about 75 acres of land, he added.