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Kolkata, Sept. 26 DLF Ltd plans to invest nearly Rs 700 crore to develop its second IT park in Kolkata. The proposed IT park will come up on 25 acres of land offering 2.5 million square feet of IT/ITES workspace, the company said in a notice to the Bombay Stock Exchange (BSE).

“The investment is estimated at nearly Rs 700 crore excluding the cost of land. The IT park will be developed in phases and the first phase is expected to get operational by the end of this year or early next year. The entire project will be completed in the next two to three years,” a DLF official said when contacted over the phone.

The company will fund the investment out of its internal accruals, the official added.

According to Mr A.S. Minocha, Chairman, DLF Commercial Developers Ltd, “the upcoming IT park will generate 40,000 jobs directly or indirectly.” Besides the IT workspace, the project will also have serviced apartments, retail and recreational options.

The park will be located in the IT corridor of New Town, Rajarhat, in close proximity to residential areas and Salt Lake City. DLF’s first IT park in Kolkata is also located in New Town, Rajarhat, with 1.3 million square feet of space. IBM and Genpact are already operating in this park.

In Kolkata, besides the IT park, the company also plans to develop a mall, The Grand Mall, in Rajarhat; a luxury hotel with Hilton Hotels Corporation on EM bypass; and “a few residential projects” in the eastern fringes of the city, the DLF official said.

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