SEZ In Gurgaon By Raheja Developers

Realty firm Raheja Developers said it would invest about four thousan five hundred crore rupees to develop an engineering SEZ in Gurgaon over the next three to five years.
This project, which is expected to create job opportunities for around fifty thousand people (including both direct and indirect) is said to have a potential to generate yearly exports of one thousand crore rupees.
According to Navin M Raheja Raheja Developers Chairman “This is the first notified engineering Special Economic Zone (SEZ) in the northern India. The project cost to develop this two hundred fifty five acre SEZ is about four thousand five hundred crore rupees,”.
The investment would be funded through a mix of debt, equity and internal accruals, he said. “We are also looking at the strategic investors,” Mr Raheja added.
Informing on the land acquisition process Raheja informed that out of the total two hundred fifty five acre, about sixty per cent has been purchased while in the rest of the forty per cent the company has entered into partnership with landowners.
“We are going with the willing partnership of the farmers by paying them competitive prices for their lands. Incase the farmers are still reluctant to sell their lands, we have an option where the landowner can give his land on lease and in return can expect an income of around Rs 2-5 lakh per month, which is much higher with respect to what a farmer would normally earn on an equal stretch of land,” Raheja said.
When asked to comment on the amount of pressure, the growing number of SEZs will put on the limited agricultural land, Mr Raheja asserted that it is not SEZs, but low productivity of agricultural produce, that is an obstacle in the country’s pursuit of producing sufficient food grains.
Raheja, explaining on their SEZ project, said, the first phase of the project that involves the notified two hundred fifty five acre would be completed over the next 3-5 years. The company plans to expand the size of SEZ project and is in talks with landowners.

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vikas bamotra

Posted September 4, 2008 at 4:49 am | Permalink

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.

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