Pune & Mumbai will see a new development coming up from Raheja Corp

Pune & Mumbai will see a new development coming up from Raheja Corp

In accordance with the new plan, Raheja Corp is coming up with two infotech parks with 6 million sq ft of space in Mumbai and Pune in the near future.  

As a second largest developer in the country, the new proposition to build 6 million sq ft of office space will undoubtedly steer the business to new levels. The existing portfolio will gain more strength.

In another development, a statement released by the Managing Director Vinod Rohira, Raheja Corp has entered into an agreement with Gera Developers to develop 30 acre land parcel in Pune very soon. To add more, a plan is underway to develop an IT special economic zone which will have 3.5 million sq ft of space.

Rohira said,” Across Pune and Mumbai we have planned to build IT parks with remarkable facilities. Apart from that, we are also keen on fixing rental well within affordable levels. This will definitely attract business in the long run”.

In the last quarter of 2015, the company has bought a huge land parcel sized about 30 acres in Ghansoli, Mumbai for Rs.210 crores. This huge land parcel belonged to a US based specialty chemicals company, Cabot Corporation.
A large IT park is proposed to be developed on this land.  Previously, the company had gone to the extent of buying 49% stake of JP Morgan’s in the joint venture named Airoli Gigaplex commercial project in Mumbai. By doing this, it will have enough control over 4.8 million sq ft. The developer has named the IT parks “Mindspace” and “Commerzone”. There are also other developments in Pune, Airoli, Juinagar, navi Mumbai and Hyderabad. Commerzone will be the name of the brand under which the IT parks will be developed on the land parcels in Mumbai and Pune.

Mr.Raheja is very upbeat about the forthcoming policies on real estate development in Maharashtra. He feels confident that such policies will give proper boosting to the company to take steps forward in the lines of construction.

With a company of this magnitude and portfolio, Raheja Corp will be more prominent in the coming days. To support that, the company has already developed more than 30 million sq ft of space across the country.
In Mumbai’s malad locality, K Raheja Corp developed its first suburban business park in 1999-2000.

In totality, the company has developed over 7 million sq ft of IT parks, commercial and residential projects spanning an area close to 110 acres. The key tenants include Cognizant, L&T infotech, Syntel Wipro etc. The same trend is likely to continue in future according to Raheja.

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