Tata Realty Set to buy proposed Pune IT SEZ from Kumar Builders
Pune: Kumar Builders KUL, IT Special Economic Zone, Hinjewadi Area, Pune is all set for Tata Realty and Infrastructure Development Acquisition. This 28 acres SEZ land deal is a total milestone for the Tata Reality to acquire 3million sq. Ft area because of the KUL. The Kumar Builders have completed all of the necessary documentation formalities and even received the approval from the signing authorities.
This deal worth Rs.200 crore has been finalized and signed by both the parties. In the meeting, it was decided that the IT part will be designed in the first phase with an estimated 1.8 million sq. Ft saleable area.
This deal aimed at increasing the interest rates of the commercial properties because it is expected that the demand for space for IT, banking, and other financial sectors will increase in the next two years’ time. Most of the property consultants have predicted that this demand will continue to increase till 2019 because most of the firms are now switching to the IT sector seeing vast development and success in this field.
The Tata Reality and Standard Chartered Private recently joined hands for getting some of the new development opportunities, and this one is the first opportunity taken by the Tata after it signed a joint venture with this private company.
Tata Reality is also planning to acquire a 30-acre land in Thane. This land called PARCEL would again be used for developing an IT park. This land is very close to the Rajiv Gandhi InfoTech Park that contains some of the best IT firms like Infosys, Cognizant, Wipro, Tata Consultancy Services or TCS, etc. so there are vast possibilities of entering in the IT world. Tata Reality is amongst the list of top buyers for acquiring PARCEL in Thane.