Maytas Properties will be investing Rs 2,500 crore in the development of its first IT/ITeS special economic zone (SEZ), which will come up at Bachupally in Hyderabad. The SEZ, spread over 74 acres, will be a part of a 400-acre township called the Maytas Hill County.
“The construction will be done in five phases. The first of the phases is expected to be completed by October to December 2009. The total built-up area at the end of the first phase will be 1.3 million sq ft,” said chief executive officer K Thiagarajan.
The real estate infrastructure company, backed by the promoters of Satyam Computers, has two other SEZ projects lined up in Hyderabad. The projects would come up at Mysammaguda and Gopanpally and would be spread over 35 acres and 39 acres respectively, with an aggregate built-up area of nine million sq. ft.
The first phase of the Maytas Hill County project would have 840 residential apartments and 11 towers. Seventy-five to 80 percent of the apartments have already been sold at a cost of Rs 3,500 per sq ft, Thiagarajan said.
Maytas has signed up Wells Fargo India Solutions, a subsidiary of the US-based Wells Fargo, as its first client for the Bachupally SEZ.
The company is in talks with other companies for similar contracts. When completely constructed, the SEZ will have the capacity of housing 80,000 employees, Thiagarajan said.
“The projects are being planned, keeping in mind the walk-to-work concept, wherein residents could just walk down to reach their offices. The SEZ is located in such a way that it would bring down the employee travel time from major catchment areas of the city by 11.5 percent,” he added.
Maytas Properties has also bought land in Bangalore, Chennai, Vijaywada and Vishakhapatnam.
“For now, our focus remains in the states to the south of the Vindhyas. But we are not averse to working in north India,” Thiagarajan said. The company has already acquired a land parcel in Nagpur.
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