Tata group company Tata Realty and Infrastructure Limited announced an investment of Rs 5,000 crore to develop a premium IT park project in Navi Mumbai as it expects demand for office and data center spaces to increase in the coming years.
Tata Realty and Infrastructure Ltd Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said the company will develop 7 million square feet of area in this ‘Grade-A’ IT park project ‘Intellion Park’ in a phased manner over the next eight years, according to news agency PTI.
He added that the company will develop this project in partnership with UK-based investment company Actis.
“We have 47.1 hectares of land in Ghansoli, Navi Mumbai. On this plot of land we are doing 7 million square meters of development, mainly IT space and data centers with some complementary retail and non-IT office space,” he said. Mr Dutt. PTI.
“The total investment in this project is Rs 5,000 crore. This is Tata Realty’s largest investment in office real estate,” he emphasized.
Once the project is completed, Mr. Dutt says more than 70,000 people will be able to work on the IT campus.
Actis is involved as an investment partner in this project. This is the third collaboration with Actis. “Tata Realty is a majority shareholder in this IT park project,” said Mr Dutt, but did not disclose the amount invested by the Actis group.
The total investment is financed with equity and debt. Construction work in the IT park project has started.
In the first phase, the company is developing a five lakh square foot (0.5 million square foot) building. The company has already started the pre-leasing process of this 5 lakh square meter area. The Navi Mumbai area has a monthly rent of Rs 60-70 per square foot. Approximately 2-3 million square meters of office space is leased in this area.
“Actis is proud to be involved in this state-of-the-art project, which will not only be a preferred office destination for technology companies to thrive in, but also a vibrant social venue for their talent, empowering these companies. ability to attract and retain top talent, an increasingly important competitive advantage,” said Ashish Singh, Partner, Actis India.
Tata Realty and Infrastructure Limited, a 100 percent subsidiary of Tata Sons, has an extensive portfolio of more than 50 projects in 15 cities.