First Engineering SEZ In Haryana By Raheja Developers

Real estate developers Ansal API and Raheja Developers are attempting to tide over the gloom in the real estate sector by pursuing their special economic zone (SEZ) plans. While Ansal has announced plans for six infotech SEZs across three states, Raheja is setting up north India’s first engineering SEZ in Haryana.
While Ansal will pump in Rs 3,600 crore for developing four IT SEZs and two IT parks spread over 270 acres, Raheja plans to invest Rs 4,500 crore in an engineering SEZ to be built over 255 acres. Both the projects are to be completed in five years.
“In addition to an equity component of Rs 1,000 crore, the company will raise around Rs 1,500 crore through debt. The remaining Rs 1,100 crore will be funded through internal accruals,” said Rakesh Jain, executive director (marketing), Ansal. The four SEZs would be located in Greater Noida, Gurgaon, Lucknow and Khopoli in Maharashtra. The IT parks would come up in Lucknow and Noida spread over an area of 18 and 10 acres respectively.
Meanwhile, Rahejas said its engineering SEZ will accomodate complexes for light and medium engineering goods exporters and have approximately seven million sq ft of residential area. “Investors and well reputed business houses from across the globe have expressed keen interest in associating themselves as co-developers and investors in the SEZ,” Navin M Raheja, chairman, Raheja Developers said.
NW18 adds: Ansal API is in talks with both Indian and overseas private equity investors to raise up to Rs 2,500 crore for funding its SEZs and two IT parks.
The company may also dilute its stake in these IT SEZs and parks.

‘Out of the total Rs 3,600-crore investment in the IT SEZs and parks, the company will put in around Rs 1,000 crore. The remaining will be from other investors,” said Jain.
A slowdown in demand, coupled with tight liquidity conditions, has forced realty companies to look for alternative sources of funding with private equity emerging as the most preferred choice.
In July, Ansal API had said it will invest over Rs 900 crore in an engineering-based SEZ in Murthal, Haryana.
Currently, the company has a land bank of around 7,000 acres across residential, commercial, integrated townships, retail, SEZs and IT park projects.