Rs 600 crore tech park on Hyderabad map

By siliconindia   |   Monday, 01 September 2003, 19:30 IST
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HYDERABAD: A joint venture between the Raheja group and Andhra Pradesh Industrial Infrastructure Corporation, the tech park is the fourth such IT-centric project in the city. Mumbai-based property development group Raheja Corp has entered Hyderabad with an ambitious Rs 600 crore project. "The company will be developing 110 acres of land in Madhapur over a period of 10 years as a joint venture between Raheja group and Andhra Pradesh Industrial Infrastructure Corporation Ltd (APIIC). APIIC is contributing 11 percent of the cost of the project in the form of land," informed APIIC project head Pardhasardhi Rao. On August 29, Andhra Pradesh CM Chandrababu Naidu led the ground-breaking ceremony for the first phase of the project. Designated Mindspace Cyberabad, the project will cater to IT and ITES companies and is the fourth such IT-centric project in the city after Cyber Towers, Cyber Gateway and Cyber Pearl. Raheja and APIIC will be developing quality office space in addition to a mega mall, multiplex, service apartments and a convention center. "The first phase of the project at an initial investment of Rs 120 crore is to be completed in 18 months. It will have five lakh sq ft of constructed office space area ready for occupation," said Rao. Depending on the response to the first phase the other five phases will be charted out. "Raheja which is making 89 percent of the investment in the project is upbeat about it. In fact its projections talked about a total of 45 lakh sq ft of constructed area and it has already received inquiries from a number of companies," informed Rao. Raheja is yet to open an office in Hyderabad.