NSL Infratech, an arm of the NSL group, will develop 10 million square feet of commercial space in three SEZs (special economic zones) in Hyderabad and Noida.

While the two SEZs in Hyderabad (Uppal and Rayadurgam) would have eight million sq ft, Noida would have 2.2 m sq ft when the four phases get completed in 2016. The company, which spent Rs 140 crore in the first phase to build 1.2 m sq ft in Uppal, will take up the subsequent phases, which will be of 15 months each.

The company put in 50 per cent of the Uppal project cost as equity, with the remaining coming from banks as debt. It followed the same plan with its Rayadurgam SEZ, which was being taken up in association with Divyashree Developers.

“All the space we built so far has been leased out. We are in talks with 15 companies to sign lease deals for space in the range of 50,000 to one lakh sq ft. We are putting on hold on plans to develop SEZs in Chennai and Gurgaon,” said Mr Shrawan Kumar Gone, Chief Executive Officer of NSL Infratech. Addressing presspersons here on Saturday, he said the company was simultaneously taking up residential projects. “We will put in revenues generated from this activity to commercial SEZ space that we have decided to own,” he said.

The company, with a land bank of 1,400 acres in various cities, would come up with a 100-acre township project in Chennai on the Old Mahabalipuram Road. “We are building 5,000 units there,” the CEO said.

It was taking up 900 apartments in four projects in Bangalore and 136 apartments in Hyderabad. “Besides, we are constructing 66 villas with a price tag of Rs 3.5 crore each at Gachibowli,” he said.

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