Hiranandani Upscale, a Mumbai-based real estate developer, has announced its plan to develop multi-services SEZ at Hyderabad. The company has entered into a joint venture with Hyderabad-based Lahari Infrastructure Ltd for the purpose.
Speaking to media, Surendra Hiranandani, managing director Hiranandani Constructions, said that the joint venture company is promoting the SEZ on a 250 acres land at Patancheru village near Hyderabad. “We will invest about Rs 12,000 crore into the project over a period of 7 years,” Hiranandani said. The foundation stone was layed for the multiservices SEZ here on Thursday.
The SEZ is expected to offer various services including IT consultancy, BPO, pharmaceutical research, education etc. “Depending on the requirement of the customer, we will develop space and we can offer built up areas from 7,500 sq. ft. to 5 million sq. ft.,” Hiranandani said.
Initially, the joint venture will invest about Rs 300 crore, which will be scaled up to Rs 1,000 crore in the first year. “We are planning to invest about Rs 1,000 crore annually on the project, depending on the requirement,” he added. The company is targeting to develop 2 million sq ft space in the first phase.
Speaking on the occasion, Lahari Infrastructure chairman and managing director G Hari Babu said that the company is planning to enter rental or long lease contracts with its customers. He said that the company is negotiating with some companies and expected to close agreements soon. It has already signed agreements with Hyderabad-based Suven Life Sciences and Sai Adventium Pharma for 2 lakh sq ft space each on a nine-year rental basis.
He further said that the company is willing to extend one or two years deferment on the rental charges for small and budding entrepreneur who come with a viable project, besides the company also provides finance to the venture in order to encourage the young entrepreneur.