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IT, automotive industry lead heady growth
Section Investment Pune Posted on Thu Jan 11, 2007 at 10:43:09 PM EST
As scores of IT firms set up shop
in Pune, real estate developers here
have to tailor their products to suit
the requirements of the IT sector.
Many leading Pune-based developers are promoting IT parks in the city, and millions of sq ft of space is being developed. Lease rentals for IT space in Pune ranges from Rs25 (for a sq ft per month) to Rs75. In Bangalore, the rates at many of the IT parks are steeper, so companies anting thousands of sq ft of space prefer cities like Pune. The Maharashtra government, which has been promoting the 150-km-long stretch (from Airoli in Navi Mumbai to Pune) as a‘Knowledge corridor’ has invested substantial sums in developing the Rajiv Gandhi IT park at Hinjewadi. The park - the Mumbai-Pune expressway conveniently ends at its doorstep - is one of the largest such facilities in India. Currently, it is spread over 330 hectares, but the state government wants to expand this - in phases - to over 1,700 hectares. Top IT firms have a presence at the park. Bangalore-based Wipro and Infosys each have 100-acre facilities, TCS has bought 50 acres of land. Pune has also attracted international majors including IBM, Microsoft, Accenture, Intel, HSBC, Aviva, Cognizant, Kanbay, Sybase, Convergys and Siemens. Microsoft is investing Rs10 billion in a development centre in the city. About 100 IT companies are seeking office space in Pune, and scores of ITES facilities are also coming up. The city already has over 80 IT parks, one of the highest in India. Pune is today one of the most dynamic IT cities in India. It is the second fastest growing IT exporter - last year exports soared by 50 per cent to cross the $2 billion mark - and is among the top-five IT cities, according to the Software Technology Parks of India. Private developers are gung-ho about the prospects for the IT sector and are developing dozens of IT parks. Developers like Kumar Builders, Gera Developers, Panchshil Realty, and Vascon Engineers are developing sprawling IT parks, which would ensure millions of sq ft of additional space in the coming year or two.
Developers are also promoting
special economic zones (SEZs) that
are coming up in the city. According
to Rajiv Jalota, CEO, MIDC, over
the next five years, SEZs in Pune are
expected to attract investments of
about Rs250 billion. These special
zones would be focussed on IT,
biotechnology, research and
development and design.
The government has set up a Rs5 billion biotechnology fund to attract investments, and also earmarked designated areas in Pune for SEZs. The Chatterjee group, for instance, plans to promote a 100-acre Lifesciences park in Pune, while biotech majors like Biocon are also toying with the idea of a biotech SEZ in Pune, says Jalota. MIDC is also keen to promote a hardware SEZ, while there are proposals for an R&D zone, and a chemical and bio-chemical SEZ. The state government may also allot another 5,000 acres for an IT-BT park in Pune. The city already has eight SEZs. Pune has also emerged as a major magnet for investments from abroad.
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