Realty firms K Raheja Corp and Gera Developments have partnered to construct an IT-SEZ in Pune at an investment of about Rs 1,000 crore over the next four years. Property consultant JLL India has facilitated the deal between the Mumbai-based K Raheja Corp and Pune’s Gera Developments for the development and operation of the prime 30-acre land parcel in Pune’s IT hotbed Kharadi.
“The land parcel will be developed into an ultra-modern IT-SEZ under the Gera Commerzone banner and will yield 3.5 million sq ft of leasable space,” JLL said in a statement. When contacted, Gera Developments MD Rohit Gera said: “We are both going to develop this IT-SEZ together. The land parcel belongs to us. After the development both the companies would be co-owning this project”. He expects the construction of this project to start by August and would take about 4 years for completion.