INRnews - Indian Real Estate News

The key details are as follows:

• The project envisages development of approximately 5.2 million sq ft of Information Technology and Information Technology Enabled Services (IT/ITES) office buildings, 894,000 sq ft of residential apartments, 612,000 sq ft of serviced apartments and hotel space, and 477,000 sq ft of commercial space. 
• Once completed this will be a self-contained IT destination. 
• The total cost of development is estimated to be £215 million. Since Trinity’s investment is through a stake in the company that holds leasehold rights on the land, the internal rate of return is expected to be higher than that of normal investments in the IT sector.
• The National Association of Software and Service Companies (NASSCOM) estimates that by 2008 the cumulative demand for real estate for IT/ITES in the National Capital Region will touch 16 million sq ft.  Based on the strong demand for IT/ITES units and complexes, there will be also be demand for residential apartments, hotels, commercial spaces and other general facilities.

Greater Noida IT Corridor:

• The development is located in Greater Noida, a growing satellite town of Delhi that is adjacent to Noida, one of the largest industrial townships in Asia.  Greater Noida is one of India’s emerging IT zones and is expected, over time, to become one of the largest.  The site is therefore located in a unique catchment area for IT/ITES, and this is one of ten properties in the IT corridor.  Neighbouring developments in the IT zone include a development by the IT corporation Wipro for their own use which will help establish the IT zone, without affecting external demand.
• The project site will be highly accessible as it is located along 6-lane ‘Taj Expressway’, the 160 km motorway that is under construction and will connect the city of Agra to Greater Noida and New Delhi.  Moreover, the Taj Expressway will provide direct access to the Taj Special Economic Zone and the International Airport in New Delhi. There are also plans to develop an aviation hub along the expressway.
• Great Noida has contemporary, efficient and comprehensive infrastructure encompassing industrial, residential, recreational and commercial areas. Greater Noida has been planned on a grid iron concept and employs state of the art technology in engineering and urban planning and architecture. Unlike many other cities of India, infrastructure development well precedes Greater Noida’s inhabitation. Emphasis has been put on developing Greater Noida as a green city – free of pollution and with adequate green cover.

Commenting on the announcement, Rak Chugh of Trikona Capital said:  “This development gives us the opportunity to capitalise upon the continued strong demand for IT parks in India, arising from exceptional growth in the IT and ITES industries.  The IT Park in Greater Noida is expected to become one of the largest in India, and as a result will be a high profile development within the country.”

Trinity Capital PLC (“Trinity”), was created in 2006 for the purpose of investing in real estate and real estate related entities across India, with a focus on the office, retail, hospitality and, to a lesser extent, residential sectors.