Delhi-based realty major Raheja Developers Pvt Ltd has received an in-principle nod from the government to develop the first phase of its upcoming Rs 5,000-crore engineering SEZ at Gurgaon.

?We have got a go-ahead from the government for our first phase of development at 257.5 acres of land on March 10 but got the gazetted publication paper on Friday. In a couple of weeks, we will begin construction,? Navin M Raheja, managing director, Raheja Developers Pvt Ltd, said. ?The SEZs would be funded with a mix of equity, debt and internal accruals,? Raheja said. The company will look at global private equity firms, strategic partners and internal accruals to raise money to develop the SEZ.

?We are looking at strategic partners from the US, Europe, Middle East, Japan, Korea and global equity firms but the dilution by the private equity firms will not be more than 49%,? Raheja said. The first phase will be completed in three years, an optimistic Raheja told reporters, adding that the SEZ would spread over 3,000 acres. ?A lot of pockets of land are lying around. We are in the process of acquiring through the participation of the farmers,? the managing director added.

The SEZ, which spans across five villages, is estimated to provide employment to around 2 lakh people in the next five to 10 years. Raheja Developers Pvt Ltd has also received in-principle approval from the commerce ministry to set up two other SEZs near Gurgaon, which entail an investment of around Rs 10,000 crore.

One of these SEZs, a multi-product one, will be at Bilaspur near Gurgoan and spread over an area of 21 kilometers while the other will be an Information Technology (IT) and Information Technology Enabled Services (ITeS) SEZ and stretch over an area of around 327 acres.