K Raheja Corp investing ₹2,000 crore in Navi Mumbai business parks

Rashmi Pratap Mumbai | Updated on August 14, 2018

K Raheja Corp, India’s second largest developer of commercial parks, is investing ₹2,000 crore to set up two IT parks of over 5 million sq ft in Navi Mumbai.

The business parks are coming up over 55 acres in Juinagar and 100 acres in Ghansoli. The company already has a 5 million sq ft park in Airoli, where 50,000 people are working. Another one million is under construction in a 7 million sq ft facility in Airoli West with 3.5 million sq ft occupied.

The proposed parks are well connected to Mumbai and Pune. “We are bullish on this micro market as it offers good rail and road transport besides having surplus power and water supply,” Vinod Rohira, Managing Director and CEO, Commercial Real Estate and REITs at K Raheja Corp, told Business Line. “The upcoming new airport, Trans Harbour Link, and water transport make it an even more attractive destination for business parks. All you need is to fill it up with technology jobs.”

Navi Mumbai is the second most livable city in India after Pune, according to the Ease of Living Index report released on Monday by Union Housing and Urban Affairs Ministry.

Commercial parks

K Raheja operates commercial business parks under the Mindspace and Commerzone brands and is present in Mumbai, Hyderabad, Pune and Chennai.

With a per sq ft development cost of around ₹4,000, the company will need to pump in ₹2,000 crore to develop the upcoming 5 million sq ft. These business parks will also have residential and retail facilities besides office space. About 10,000 jobs will open at the Ghansoli campus, where the company will break ground in the next six months. The Juinagar facility will be fully ready in five years. About a million sq ft here will be occupied in a year from now, he said.

“We are seeing demand from technology companies, which are looking at Navi Mumbai as the next destination for expansion. We are also the final distributor of power in business parks, ensuring zero outage and leakage,” Rohira added.

Published on August 14, 2018

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