Raheja Corp to build two IT parks in Pune & Mumbai

K Raheja Corp is working on plans to build two infotech parks totalling 6 million sq ft leasable space in Mumbai and Pune over the next two years.
This will add to the existing portfolio of the company, which is India’s second largest developer of business parks that span completely leased 20 million sq ft office space across Mumbai, Navi Mumbai, Hyderabad and Pune.
Its managing director Vinod Rohira told ET in an exclusive interaction that under this plan, K Raheja Corp has entered into an agreement to acquire a 30-acre land parcel in Pune from builder Gera Developers. It is planning to develop an IT park with total 3.5 million sq ft leasable space on this plot, he said.
“We are taking aggressive position to build major supply of IT business parks across Mumbai and Pune,” Rohira said. “Our endeavour is to make the market supply-driven and to maintain rents economical below Rs 50 sq ft mark to attract business,” he said.
In December 2015, the company had executed one of the biggest land transactions in Mumbai Metropolitan Region, when it acquired a 30-acre land parcel in Ghansoli locality for Rs 210 crore from US-based specialty chemicals company Cabot Corporation.
The second proposed IT park will be developed on this land parcel. Last year, the company had also bought out JP Morgan’s 49% stake in the joint venture Airoli Gigaplex commercial project in Navi Mumbai. With this transaction, it now has complete control over the 4.8 mn sq ft asset. The developer has branded its IT parks as Mindspace and Commerzone, with existing developments in Pune, Mumbai’s Malad suburb, Airoli and Juinagar in Navi Mumbai, and Madhapur in Hyderabad. Both the proposed IT parks on recently acquired land parcels in Mumbai and Pune will be developed under the brand Commerzone.