INRnews - Indian Real Estate News

An agreement to this effect was signed in Bhubaneshwar this evening. DLF will be putting in an estimated investment of Rs 1000 crores approx in the project. The SEZ will be located in opposite to Infocity at Bhubneshwar in the district of Orissa. The work at the project for the development of 4 million sq.ft. (Approx) will start in next six month.

Mr. Yogesh Verma, Chief Executive, Commercial, DLF, “The decision to partner the Orissa government is part of DLF’s overall initiative to drive the national IT/ ITES workplace boom. Guided by DLF’s vision of being a leader through innovation, quality, technology and customer service, DLF has already accomplished 32 million sq. ft. of commercial space in its portfolio.”

Recent research carried out by McKinsey NASSCOM estimates the total demand for office space to go up to 500 million sq.ft. in the next 10 Years with IT/BPO contributing 60-70%. The remaining 25-40% shall be met by non-IT and manufacturing sectors.

He added: DLF believes the force of globalization is working on the IT map of India. As cost pressure continues to batter on India’s Tier- I cities and its now time for the Tier- III CITIES LIKE Bhubneshwar. The city will fulfill the requirements that IT companies look for when deciding on off-shoring locations, namely availability and cost of labor social & physical infrastructure.

DLF has considerable experience in developing IT parks in Chandigarh, Pune, Kolkata, Hyderabad, Chennai and Bangalore, besides the 3,000-acre DLF City in Gurgaon. DLF City in Gurgaon, one of Asia’s largest privately developed integrated township, has a 125-acre Cybercity for workplace development within its premises.

About DLF

India’s leading real estate developer DLF is planning a big foray into SEZs and has already received government approvals for four of its projects (Amritsar & Ludhiana in Punjab and Gurgaon & Ambala in Haryana). The other SEZs that has stoked DLF’s interest include Jharkhand, Andhra Pradesh and Maharashtra, besides the one in Orissa.

DLF has chalked out plans to invest anywhere between Rs 30,000-Rs 40,000 crore over the next ten years for setting up at least six SEZs across the country.

DLF intends to develop integrated or “multi-product” SEZs, each comprising one million square feet of processing space. Each SEZ will be developed as an integrated township and will include residential accommodation, commercial and retail facilities, as well as schools, hospitals, hotels and other support infrastructure, including captive power generation facilities.