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November 30, 2006

Ascendas real estate fund buys Cyber Pearl IT Park in Hyderabad | INRnews

Hyderabad, November 30, 2006 :  Ascendas India IT Parks Trust, a $350-million private real estate fund, has purchased L& T Infocity Ascendas Limited (LTIAL) owners of the Cyber Pearl IT Park in Hitec City in Hyderabad. The fund was set up by business space provider Ascendas.

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Office space absorption in National Capital Region increases | INRnews

New Delhi, November 30, 2006 : The National Capital Region (NCR) has witnessed overall office space absorption of 6.36 million sq. ft. in the first three quarters of 2006. The total absorption for NCR is estimated to be 8 million sq. ft. by year end, nearly 3.5 times of the absorption in the entire year of 2005 (2.36 million sq. ft.).

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November 27, 2006

FDI’s share in Indian real estate to touch 26% By March 2007 | INRNews

New Delhi, November 27, 2006 : FDI’s share in domestic real estate market will touch about 26% by March 2007, 10% higher than levels of 16% for fiscal 2005-06. This is expected to be driven by the growing interest of global real estate players in the Indian real estate market and increasing demand for office space particularly in IT & BPO.

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Ahmedabad - Gandhinagar road sees real estate development interest | INRnews

Ahmedabad, November 27, 2006 : The road connecting Ahmedabad airport to Gandhinagar is seeing strong interest from developers, attracted by its proximity to two key cities and excellent connectivity. IT facilities and hotels as well as educational/research institutions are being planned for this stretch.

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November 23, 2006

Aggressive growth ahead for Bangalore commercial and retail real estate | INRnews

Bangalore, November 23, 2006 : Aggressive growth is forecast for the Bangalore commercial and retail real estate by real estate services firm Jones Lang LaSalle (JLL). New supply will prevent the market from overheating.

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November 22, 2006

IT SEZ to come up on 550 acre site in Vadodara | INRnews

Vadodara, November 22, 2006 : Nipiam Infotech Private Limited is to develop a 550 acre IT SEZ at Nimeta in Vadodara in collaboration with a Singapore based company. The first phase of the project, to be completed within two years, will include an IT Park on 100 acres. The total project investment is in the range of Rs.2,600 crore.

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November 17, 2006

Madhapur - the preferred commercial real estate destination in Hyderabad | INRnews

Hyderabad, November 17, 2006 : Hyderabad is a yet another example of an evolving real estate market, where suburban developments rather than CBD developments are in high demand. Madhapur continues to be the preferred destination for corporate tenants, as the buildings offer better quality of construction, professional maintenance, larger floor-plates, scalability options, air-conditioning, adequate parking and 100% power back-up. Further, most of these complexes have been completed on government allotted land and therefore they have clear titles, unlike in and around the CBD, which face various issues.

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Chennai commercial real estate supply increases | INRnews

Chennai, November 17, 2006 : Chennai is witnessing an increase in supply in the suburban and peripheral markets, primarily along the Old Mahabalipuram Road (also known as the IT corridor) and Guindy. In addition, there has also been a growth of new locations like Mount Poonamalle Road and Ambattur in the suburbs and G.S.T Road in the periphery. These emerging markets are attracting interest of the investors and lessees alike and may grow as potential business hubs.

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Kolkata commercial real estate demand shifts to Rajarhat | INRnews

Kolkata, November 17, 2006 : Kolkata is gradually undergoing a transformation which will have a long term impact on the city and its future growth. Earlier, Dalhousie Square (BBD Bag) gave way to Park Street, Chowringhee Road and Camac Street, as preferred commercial destinations and we may see a similar change in the medium to long term. The catalyst to this change is the emergence of the IT/ ITeS business sector and the resultant developments in Rajarhat.

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November 16, 2006

Bangalore commercial real estate market witnesses aggressive construction | INRnews

Bangalore, November 16, 2006 : The Bangalore commercial real estate market is seeing large-scale construction activity. Approximately 21 million sq.ft. of office space is either planned or under construction and of this, approximately 6 million sq.ft. is expected to be available by the year end, while the balance is scheduled for completion by 2007 and 2008.

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November 10, 2006

Real estate major DLF to invest Rs 1,000 crores on Orissa IT SEZ | INRnews

Bhubaneshwar, November 10, 2006: The Orissa government has partnered India’s leading real estate developer DLF Ltd to set up the state’s first Special Economic Zone (SEZ) dedicated to Information Technology (IT).

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November 07, 2006

Amtex Systems Opens Global Development Center in Delhi | INRnews

New Delhi, November 07, 2006 - US based Amtex Systems Inc, among the top 4 privately held IT Consulting & Services company in New York, today announced the opening of its state-of-the art Global Development Center in the capital city. The facility will be a key component in augmenting Amtex’s global business model of end-to-end IT consulting & services offering, currently handled from six countries in US, Europe & India.

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November 06, 2006

Indian IT major opens global development center for Nissan in Chennai | INRnews

Chennai, November 06, 2006 - Satyam Computer Services, Ltd. (NYSE: SAY), the leading global consulting and IT services company, today launched a new Global Development Center (GDC) for Nissan North America in Chennai, India. The 50,000 square-foot facility on Chennai’s “IT Highway” (Old Mahabalipuram Road) will house more than 400 associates, scalable to 750 within three years.

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November 04, 2006

Flextronics launches industrial park in Chennai | INRnews

Chennai, November 04, 2006 - Flextronics (NASDAQ: FLEX), a Singapore-based contract electronics manufacturer, announced that it has expanded its presence in India through the first phase completion of its planned eight million square foot industrial park in Chennai. This was celebrated in an inauguration ceremony held at Sriperumbudur attended by the Indian Prime Minister and other dignitaries. Flextronics is set to invest USD 200 million in the first phase of its operations at industrial park at Sriperumbudur near Chennai. The investment includes USD 140 million equipment, with a capacity to rollout one million handsets per month.

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November 02, 2006

Cabinet approves setting up 100,000 rural centers to bridge digital divide | INRnews

New Delhi, November 02, 2006 - The Cabinet Committee on Economic Affairs today gave its approval for setting up of 100,000 rural Common Services Centers (CSC) across the country at a total cost of Rs. 5742 crore. Of this, the Government of India’s outlay would be Rs. 856 crore and the State Governments’ share Rs. 793 crore. The balance amount of Rs. 4093 crore is expected to come from the private sector. The project is proposed to be implemented by the Department of Information Technology through a Public Private Partnership (PPP).

The one lakh CSCs, are expected to give a boost to development by helping to bridge the digital divide. The project is expected to substantially extend the reach of digital services and economic opportunities into the rural and remote areas of the country. The CSCs are proposed to be rolled out in 18 months i.e. by March 2008.

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Cognizant to invest Over $200 Million in India real estate expansion | INRnews

Teaneck, NJ – November 2, 2006 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced plans to further expand its infrastructure in India through an expansion of its existing real estate development program. As part of this program, Cognizant plans to develop state-of-the-art techno-complexes and expand its infrastructure in five cities – Chennai, Coimbatore, Hyderabad, Kolkata and Pune.

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Tata Consultancy Services Launches Innovation Lab in Chennai | INRnews

Chennai, November 02, 2006 : Tata Consultancy Services announced the launch of the TCS Innovation Lab dedicated to the travel & hospitality industry. The TCS Innovation Lab for Travel & Hospitality provides a unique experience center for the airlines, hotels, resorts and travel companies where new domain solutions can be developed incubated and piloted using the latest technologies in a cost-effective environment before enterprise-wide deployment.

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November 01, 2006

IBM Launches SOA Development Center in Pune | INRnews

Pune, November 01, 2006 : IBM (NYSE: IBM) announced the opening of two new development centers located in Beijing, China; and Pune, India. These SOA Solutions Centers will develop, manage and deliver industry-specific business services that solve some of the most pressing business issues facing IBM clients. As a result, these centers will serve as the foundation of a new, globally integrated model for delivering SOA-based services.

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October 29, 2006

Ambattur - an emerging IT/ITES hub in Chennai | INRNews

Chennai, October 29, 2006 : The Ambattur area in the North of Chennai is rapidly emerging as an IT/ITES hub for the city and an alternative to the Old Mahabalipuram Road (OMR).

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October 28, 2006

New township to come up in the Northwest of Chennai | INRnews Project Feature

Orchid Springs Residential Township Padi ChennaiChennai, October 28, 2006: Bangalore-based Alliance Infrastructure is to develop a residential township in Padi in the Northwest of Chennai at an investment of Rs.500 crore. The integrated township, Orchid Springs, will provide all facilities required to deliver on a "walk to work" concept.

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October 21, 2006

MindTree's opens development center in Chennai | INRnews

Chennai, October 20, 2006 : MindTree Consulting, an IT and R&D services company, has opened a 30,000 sq.ft development center at the Olympia Tech Park in Guindy. In addition to this the company also plans to open a 285,000 sq.ft facility in Mahindra City in Chennai by 2008.

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October 19, 2006

Kanbay opens new software facility in Gacchibowli, Hyderabad | INRnews

October 19, 2006 : IT services firm Kanbay International has opened a new software development facility on 15 acres of land in the IT Park at Gacchibowli in Hyderabad.

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October 18, 2006

Trinity Capital PLC to invest in £215 million IT Park, Greater Noida

New Delhi, October 18, 2006: Trinity Capital PLC has announced the acquisition of a stake in an Information Technology Park project in Greater Noida. Trinity has committed £28.3 million to the project. The initial tranche comprises £10.3 million and a second tranche of £10.1 million will be due in November 2006.  A further £7.37 million of equity will be invested into the development of the project.  The total cost of the development is expected to be £215 million which will be financed through a mix of debt and pre-construction sales.

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October 17, 2006

Genpact opens 80,000 sq ft facility in Rajarhat, Kolkata | INRnews

Kolkata, October 17, 2006 - Genpact, a pioneer and global leader in high-quality Business Services and Technology Solutions, today inaugurated a new 80,000 square feet facility in Kolkata.

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Wipro signs up for 50-acres of land in Rajarhat

Kolkata, October, 17, 2006 : Wipro Chairman Azim Premji has agreed to the West Bengal government offer of 50-acres of land in Rajarhat at a price of Rs. 50 lakh per acre. The company was looking for land in Rajarhat for a new software development center but had balked at the prevailing prices earlier.

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October 16, 2006

IT major TCS to invest Rs. 1,500 crore for new facilities in Tamil Nadu

Chennai, October 16, 2006: IT major Tata Consultancy Services (TCS) plans to invest Rs.1,500 crore to create new facilities in Tamil Nadu over the next three years.

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October 05, 2006

Office rentals in Bandra Kurla complex hit a high

Mumbai, October 5, 2006: So high is the demand for office space in the Bandra Kurla complex that new tenants are paying almost 100% more in rentals now than the prices prevailing a year ago. Space in Bandra Kurla rents for Rs.250 per sq.ft and this could touch as high as Rs.300 per sq.ft soon.

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October 04, 2006

Xilinx opens development center in Hyderabad

Hyderabad, October 4, 2006: Xilinx, Inc. the world’s leading supplier of programmable logic solutions, today announced the opening of its own development centre in India, located in a 33,000 square foot facility in CyberPearl, Hyderabad.

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October 02, 2006

Tata Consultancy to start BPO operations in Kolkata

Kolkata, October 02, 2006 : IT major Tata Consultancy Services (TCS) is looking to acquire land in Rajarhat, Kolkata for a new BPO operation. The company plans to house around 12,000 people in Kolkata by 2010 and is looking to build a campus on 40-50 acres of land in Rajarhat.

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September 29, 2006

Hyderabad real estate prices continue to rise

Hyderabad, September 29, 2006: Hyderabad real estate prices are on a roll. In prime areas, apartments go for anywhere from Rs. 2,800 to Rs. 3,500 per sq.ft a significant increase from even a year ago. According to one real estate source, real estate prices have increased by 10% every week for the last three months.

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September 28, 2006

IT-led boom drives demand for real estate in Rajarhat, Kolkata

Kolkata, September 28, 2006: IT major Wipro is finding it hard to get 50 acres in Rajarhat,a fast developing suburb of Kolkata city. The issue appears to be price. The company is reportedly unwilling to pay beyond Rs.70 lakhs per acre, while the state-owned Hidco is seeking a price of Rs.1.5 crore per acre as fair compensation. The West Bengal government had made an offer of an alternate location near Kolkata airport at Rs. 50 lakhs per acre. However the land has yet to be acquired and this may make it less acceptable to Wipro.

Rajarhat, also called New Town, is the latest township being developed on the north-eastern fringes of Kolkata city. The master plan envisions a township that is thrice the size of neighbouring Salt Lake City. Still under development, this area was till recently a big swamp and full of fisheries.

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September 26, 2006

Real estate prices rise in Pune - IT sector drives increase in areas near Hinjewadi

Pune, September 26, 2006: Real estate services firm Cushman Wakefield has reported that real estate prices in Pune have risen by 10-25% in a year overall and by as much as 50-70% in select areas. Growth of the IT/ITES sector has been driving up prices particularly in areas near the Hinjewadi IT park.

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September 25, 2006

Apex CoVantage Opens New Facilities in Hyderabad and Chennai | INRnews

Herndon, VA, September 25, 2006 : Apex CoVantage, a leading global knowledge process outsourcing (KPO) company, announced the opening of two new facilities in the southern Indian cities of Hyderabad and Chennai to accommodate its expanding business providing GIS (geospatial information services) solutions for organizations in the electric, gas, rail, telecommunications, and water utility markets, as well as local government.

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September 22, 2006

Boom in Indian Real Estate likely to continue - Ernst & Young report

Mumbai: 22nd September, 2006: On the eve of its annual real estate summit, 2006, Federation of Indian Chambers of Commerce and Industry (Ficci) commissioned Ernst & Young, a multinational consultancy, to prepare a report on the opportunities before the Indian real estate sector. According to this just-published report titled ‘Indian real estate: opportunities and returns’, the boom in real estate industry is likely to continue.

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September 20, 2006

Bhagyanagar to sell land in Hyderabad

Hyderabad, September 20, 2006: Bhagyanagar India is to sell 50% of its land in Gachibowli, Hyderabad to RIL for between Rs.70-80 crore according to news reports. The company plans to develop a mall on the remaining land in partnership with Godrej Properties.

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September 13, 2006

Polaris Software opens IT facility in Hyderabad

Software Company Polaris has opened a facility focused on developing technology solutions for the investment banking industry. The 200,000 sq.ft. facility called "The Capital" is built on eight acres of land at the Manikonda IT Park in Hyderabad. Developed at a cost of Rs. 70 crores, the facility can house 2,000 employees initially.

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September 12, 2006

Anil Dhirubhai Ambani group to set up IT Park in Tamil Nadu

Anil Ambani, Chairman of the Anil Dhirubhai Ambani group has said that the company plans to invest Rs. 2,000 crores in Tamil Nadu to set up an IT Park and a world-class convention centre. He announced this soon after meeting state Chief Minister M Karunanidhi.  This investment would be on top of the planned Rs. 10,000 crore investments the group plans to make for a multi-product SEZ in Tamil Nadu.

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West Bengal struggles to find land for IT infrastructure

West Bengal appears to be facing a shortage of available land for the many companies wanting to set up IT campuses and InfoTech parks in the state. Amongst others, TCS is reported to be seeking 50-acres, Satyam 25 acres and also Ascendas and Infosys have been scouting around for land in West Bengal.

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September 09, 2006

K Raheja expands real estate projects in Hyderabad

Mumbai based real estate developer K.Raheja is to expand its projects in Hyderabad. On the anvil is an expansion of the Mindspace IT Park at a cost of Rs. 400 crore, development of the 7 million sq.ft. of office cum residential space Pocharam Park, and the development of a 350,000 sq.ft. mall in Hyderabad within 3 years.

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September 08, 2006

Bangalore commercial real estate - office space in short supply

According to property services firm DTZ Debenham Tie Leung, 7 million sq.ft. of office space was absorbed in Bangalore up to July 2006. Current rate of absorption of office space in Bangalore is 1 million sq.ft. per month, almost 60% of which is driven by the IT/ITES sector.

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Delhi & NCR commercial real estate booming

Delhi NCR experiences highest office space absorption in its history during the first seven months of 2006. Absorption crosses 5.1 million sq ft.

In a study conducted by leading global property adviser DTZ Debenham Tie Leung, Delhi NCR has in this year recorded the highest ever commercial Grade – A space absorption in a year of 5.1 million sq ft. Commercial space absorption increased by 42% in just the first seven months of the year as compared to the absorption of 3.5 million sq ft in entire 2005. “The office market has primarily been driven by the IT/ITES sector which accounts for about 75% of the total office absorption in NCR” says Ankur Srivastava, Managing Director, DTZ Debenham Tie Leung India.

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New IT Parks in Trichy, Tamil Nadu?

The Tamil Nadu Housing Board (TNHB) has found takers for semi-developed plots in Navalpattu that have been unsold for 22 years. Over 1,000 plots between 338 to 430 sq.ft. were recently auctioned.

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September 04, 2006

Chennai commercial real estate sees strong demand

According to property services firm DTZ Debenham Tie Leung, rental values in Chennai's CBD area have increased during the last quarter driven by strong demand particularly from the banking and financial services sector, lack of fresh supply and vacancy rates as low as 4%.

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September 01, 2006

Calica group, Pune firm to start IT parks in Gujarat | INRnews

Ahmedabad, September 01, 2006 : One more local developer is all set to join the IT park bandwagon. Calica Buildcon group plans to set up its facility near Sarkhej-Gandhinagar highway under the brand name Third Eye. The group has approached the state government for acquiring SEZ status for the same.

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Kolkata real estate - Satyam to construct IT facility

IT major Satyam Computer Services is to begin construction of its IT unit on 2.77-acres at Sector V in Salt Lake, Kolkata. The company plans to construct 300,000 sq.ft. of space in two phases by Oct 2007. In the first phase alone, the company would employ over 800 people at the facility.

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August 31, 2006

Chennai's Old Mahabalipuram Road attracts retail development

Malls with retail stores, hyper markets, food courts, multiplexes and other entertainment enclaves will dot Chennai's IT corridor within the next two years. While the IT firms that have sprouted along this route welcome the new inhabitants, investors can rejoice in the inevitable rise in land prices on the Old Mahabalipuram Road (OMR).

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August 30, 2006

Microsoft opens new building in Hyderabad

Hyderabad, August 30, 2006: Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy inaugurated a new 395,000 square feet facility on the 50-acre Microsoft campus at Gacchibowli. The new facility will host the Microsoft global delivery centre and Microsoft global services India teams.

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August 28, 2006

Gachibowli, Hyderabad on real estate map

25 acres of land have been acquired by Bhagyanagar Metals Limited for developing an IT Park and residences. The property has been bought at a reported price of Rs.83 crores raised from wholly owned subsidiaries, Bhagyanagar Properties Limited and Scientia Infocom India Limited. The diversification into property development by Bhagyanagar Metals Limited has followed rising profit margins in the field.

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August 19, 2006

HCL to invest Rs 500 crore for SEZs in Noida, Bangalore and Chennai

HCL Technologies has got approval to set up three special economic zones (SEZ) in India in the cities of Noida, Bangalore and Chennai. The company plans to invest Rs. 500 crore to set up the SEZs.

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Blame it on IT, ITES - they continue to fuel real estate growth across the country

Last week, C B Richard Ellis, a global real estate consultancy firm released details of a study of the Indian real estate market. According to the study, IT and ITES companies are the ones grabbing most of the available space and creating demand for more. The rapid growth in real estate development is largely due to these firms and due to investments attracted by this sector.

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August 08, 2006

Gujarat promotes itself as IT destination

Gujarat is attracting new investments in IT, thanks to government backing of the state as a cost-effective IT hub. Over 40 companies, including Microsoft and TCS are already present at Creative Infocity, set up in 2000, with more IT and IT-enabled services (ITES) and Business Process Outsourcing (BPO) companies coming in.

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August 07, 2006

Tech Mahindra to set up software development centre in Pune

Tech Mahindra, a joint venture between M&M and British Telecom, plans to set up a 10,000-seat development centre at the Infotech Park in Hinjewadi. 25 acres of land have already been leased from the Maharashtra Industrial Development Corporation (MIDC) for this purpose. The company expects to spend Rs. 198 crore towards development of the first phase of the four-year project. Tech Mahindra is also looking at new software development centres in SEZs in Chandigarh and Kolkata.

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August 06, 2006

Demand for commercial space in Chennai's suburbs

Anna Salai and Nungambakkam are no longer on the growth list for commercial space. Areas occupying top spots are R.K. Salai, Egmore, Ambattur, Guindy and Porur. Commercial space is also being lapped up in city outskirts according to property consultants Trammel Crow Meghraj.

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eInfochips to grow in Ahmedabad and Pune

Corporate campuses are planned at Ahmedabad and Pune by eInfochips, the electronic design company, in a major growth move, probably in the proposed SEZ for IT and at Pune . The company has earmarked $10 million in investments over the next 4 years.

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August 05, 2006

Infosys to hunt for affordable land in West Bengal

Infosys' quest for 100 acres of land at Rajarhat in West Bengal has met a price hurdle. While the IT giant is willing to cough up Rs.5 lakh to Rs. 30 lakh per acre, it appears that kind of money is not good enough to match current land prices.

The State IT Secretary Siddharth said the govt is looking for an alternative location to provide the land requested by Infosys. The proposed software centre at Rajarhat was to have employed 5000 people with an investment of Rs.250 crores.

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August 03, 2006

Hiranandani plans to set up 100-acre IT SEZ in city

Mumbai-based Hiranandani Group proposes to set up a 100-acre special economic zone (SEZ) outside Mumbai, subject to approvals. Approvals are not necessarily a given at this stage since there is already a surfeit of IT SEZs with 66 having already been approved so far.

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Mangalore the next IT hub in Karnataka

A 2 million sq.ft SEZ will be created at Ganjimath in Mangalore by Nitesh Estates. The SEZ will house IT companies and plans to provide employment to over 10,000 people. Mangalore is seen as an emerging IT/ITES and BPO destination with major international investors and multinationals eyeing the city as a potential regional business hub.

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Vatika's IT park SEZ for Jaipur

Six months from now, the first phase of Vatika's $860 million IT park is expected to commence along the Ajmer Road in West Jaipur. The self-contained IT park on 53 acres of land promises to provide complete infrastructure facilities from power supply, water supply and sewage treatment to service apartments and banks. The IT Park has won government approval as a SEZ with all the tax and duty exemptions that go along with it.

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August 02, 2006

Shobha Group proposes Rs 5,000 crore hi-tech city in Kochi

Bangalore based real estate developer the Shobha group has proposed the development of a high-tech city on 300 acres of land near Kochi International Airport. The project costing Rs. 5,000 crore would create suitable infrastructure for companies from different sectors such as IT, Bio-tech, Electronics etc., to establish there. The Hi-tech city would provide employment to over 50,000 people.

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Tiruchi Corporation allots land for IT Park

The Tiruchirapalli city corporation plans to allocate 50 acres of land near Panchapur on the Madurai highway for the development of an IT Park. This follows increasing interest in developing IT infrastructure in Tier II cities in India. While the corporations investment would be in the cost of land, it could hope to gain a significant share of the profits from the real estate development.

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Infosys to expand Mysore campus at a cost of Rs. 800 crore

IT major Infosys Technologies plans to expand its Global Education Centre in Mysore at a cost of Rs. 800 crore. The plans include expansion of training facilities from 4,500 to 13,500 people in a single sitting, and building of 7,750 additional hostel rooms.  With this expansion, total investment on the campus would touch Rs. 1,500 crore.

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August 01, 2006

Wells Fargo to set up IT centre in Hyderabad

APInvest has landed a major deal for the state with US financial services major Well Fargo deciding on Hyderabad as the base for its IT and BPO centre. Wells Fargo plans to set up operations in Hyderabad by October this year and employ close to 500 people.

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Real estate major Unitech in massive land deal

Real estate major Unitech is set to announce India's largest real estate deal at a sticker price of well above Rs. 2,000 crore. The land deal is said to surpass earlier mega deals including Unitech's Rs. 1,568 crore Noida Expressway deal, Reliance Industries Rs, 1,100 crore Bandra-Kurla deal and DLFs Rs. 702 crore deal for NTC mill land.

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July 31, 2006

Hindustan Motors considers real estate development in West Bengal

Hindustan Motors Chairman, Mr C K Birla, has said that the company has sought permission from the West Bengal government to allow use of 314 acres of land at its Uttarpara plant for real estate development. The company is considering development of IT and auto components parks. Mr Birla made his comments soon after the company's AGM.

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July 30, 2006

Goa to allot land for housing near IT Parks

Minister for IT, Mr Dayanand Narvekar, has told the State Assembly that the Goa Government is to allocate up to 30,000 sq metres of land for construction of residential housing near the new IT Park at Dona Paula. The move is aimed at making the IT park more attractive through the development of housing for IT personnel in close proximity to the park, thus avoiding the travel times and congestion seen in cities like Bangalore and Hyderabad. Requests have also been made by the IT industry to develop another IT Park at Soccoro in North Goa.

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July 29, 2006

4.5 million square feet IT Park to come up in Haryana

Anant Raj Industries is to develop a 4.5 million square feet IT park to house IT industries on 25 acres of land allotted to the company in Rai Sonipat, Haryana. The IT park is planned to cover commercial, residential and a convention center and is to be ready in two years time.

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Microsoft to set up software development center in Pune

Microsoft plans to invest $150 million to set up a software development center in Pune according to the IT secretary of Maharashtra. This would be the first significant investment in the city by a major global IT company. TCS is also planning a software development center close to Hinjewadi IT Park at an investment of Rs 500 crore.

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July 28, 2006

Sabeer Bhatia to set up knowledge park in Haryana

Hotmail creator Sabeer Bhatia is to develop a knowledge city , Nano City, near Chandigharh. This was announced by Haryana Chief Minister Birender Singh who is on a trip to the US. The venture is planned as a public-private partnership aimed at creating the infrastructure to develop technologies for the future.

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Chandigarh Technology Park deal with Parsvanath cleared

The Punjab and Haryana High Court as cleared the way for Parasvanath Developers to sign an MOU with the Chandigarh Housing Board for development of the Rajiv Gandhi Chandigarh Technology park (RGCTP). The project envisages the development of an integrated residential, commercial and technology park on 129 acres of land. The Rs 821 crore award to Parasvanath was challenged in court by Emaar, the petition has now been dismissed.

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July 27, 2006

RR Industries to set up a 2.2 million sq ft IT Park in Chennai

RR Industries is to set up a 2.2 million sq ft IT park, RR Skyline, in the Ambattur industrial estate in Chennai. The IT park is planned on a 10 acre plot and is expected to fetch a lease rental of Rs. 50 per sq ft. The entire investment of Rs. 510 crore is to be financed by a mixture of debt (Rs. 275 crore) and equity (Rs. 160 crore). The project is slated to be completed by September 2007. RR Industries has previously developed IT facilities in the Guindy Industrial Estate in Chennai.

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July 22, 2006

Hyderabad real estate prices soar as land auction fetches Rs. 700 crore

The Hyderabad Urban Development Authority (HUDA) has realised Rs. 703 crore from the sale of 69 acres of land in the town of Kokapet, 20km from the city. The 15 plots sold in the Golden Mile layout are in a good location next to the Outer Ring road and close to the Financial district and IT hub in Gacchibowli.

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July 04, 2006

TCS to open $150 million facility in Chennai by end of year

Information technology major, Tata Consultancy Services, is to open a $150 million IT facility in Chennai by the fourth quarter of this year according to news reports. The facility is coming up in Siruseri Industrial Park on over 75 acres of land. The first phase with a seating capacity of 3,500 is likely to be ready by the end of the year while the second phase expected by the second quarter of next year will create a seating capacity for over 20,000 people. TCS employs over 14,000 people in Chennai and services over 20 of its top 30 clients from Chennai.

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May 25, 2006

Chennai's IT Corridor in the news again

India's Minister of Communications and IT, Mr. Dayanidhi Maran, has said that he would like to see Chennai's "IT Corridor" extended all the way to Mahabalipuram. Speaking to reporters at SIPCOT's Siruseri IT Park, Mr. Maran said the extension would help as land prices have spiralled out of control on the first stretch of the IT corridor up to Siruseri. There is also a need for Chennai to learn from experiences in Bangalore and provide housing near the IT Corridor.

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May 18, 2006

Kochi Smart City project signing given the go ahead

The Kerala High Court has given the go ahead for the Kerala Government to sign an agreement with Dubai Internet City for development of the Rs.15 billion "Smart City" in Kochi. The signing had been delayed because of the assemmbly polls and an Election commission directive.

According to an MOU signed earlier, the government would hand over the existing Infopark at a cost of approximately $22 million, 136 acres of land at approximately $600,000 per acre and another 100 acres of land on a 99-year lease free of cost.

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May 13, 2006

Indian IT industry drives Real Estate and Hospitality sectors

The high-tech industry is significantly driving volumes and pushing up business across other sectors like real estate & construction according to Nasscom, the premier trade body and the chamber of commerce of the IT software and services industry in India.

In the current financial year, the IT/ITES sectors is likely to account for 8,900 hotel rooms per day compared to 7,000 rooms per day last year. This number could swell to 30,000 rooms per day by 2011/12. Similarly the IT/ITES sector is expected to account for an year-on-year`incremental' real estate and construction demand of 14.7 million square feet this fiscal, and this number could rise to 53.6 million square feet by 2011/12.

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May 05, 2006

DLF plans hi-tech IT park in Bangalore

To be located on Whitefield Main Road, near ITPL, DLF Technolopolis is being developed on 1.5 million sqft area and would be completed by third quarter of 2007.

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May 01, 2006

Kolkata - India's latest real estate hotspot

Kolkata’s realty market is growing. The real estate market of Kolkata is comparable to tier-II cities like Hyderabad, Chennai and Pune and is even ahead of these in terms of pricing of some of the recent deals. An example is a recent property deal where Emaar-MGF, a joint venture between the Dubai-based Emaar Group and Delhi-based MGF, picked up a six-acre leasehold plot for a whopping Rs 209 crore. The deal for the land on the Eastern Metropolitan Bypass, on the south-eastern fringes of Kolkata and next to ITC Sonar Bangla hotel, set the price at about Rs 33 crore an acre, nearly four times the existing rate. Emaar MGF group has also bid for the Dankuni township project, entailing development of some 5,000 acres of land.

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Andhra Pradesh government frames guidelines for allotment of land to IT firms

The Andhra Pradesh government is framing guidelines for allotment of land to IT companies. This is because it is finding it difficult to meet the demands of the IT industry. Infotech companies are queuing up to set up own campuses in Andhra Pradesh. The government was forced to take this decision as it doesn't have enough land to meet the demand of the IT industry. 1,200 acres of land acquired by the Government has already been exhausted. The Madhapur-Hi-tech city area has reached saturation, so has the area around Shamshabad International Airport.

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April 22, 2006

Ozone Group acquires real estate in Chennai for township

Ozone Group, a leading property developer from Bangalore, recently announced the biggest property deal in Chennai through the acquisition of 43 acres of land in the city. The Rs.300 crore deal envisages the development of an integrated township with over 2000 apartments, an IT park of over 1 millions square feet and a shopping mall of 1 million square feet comprising totally of about 5.5 million sq.ft of built up space.

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Satyam to invest Rs.40 crore in new 50 acre facility on the IT Corridor in Chennai

IT consulting major Satyam Computer Services is likely to start the construction work for the first phase of its facility on the Old Mahabalipuram Road (OMR), the IT corridor of Chennai, in the next few months. The company is waiting for the Tamil Nadu government to formally handover land. The state government is reported to have allotted 50 acres of land on the OMR to Satyam. Satyam plans to take up the construction of its facility over three phases and is likely to invest Rs 30 crore to Rs 40 crore in the first phase, which will be completed in 12 months from the commencement of construction.

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TCS to invest Rs 668 crore in new Chennai facility at Siruseri on the IT Corridor

Tata Consultancy Services (TCS) is setting up its largest facility in Chennai at an investment of $150 million (about Rs 668 crore). The facility will come up on 75-80 acres of land at the Siruseri Industrial Park on the IT corridor of Chennai. The IT corridor is home to large campuses of other IT majors Wipro and Infosys amongst others. Real estate prices on the Old Mahabalipuram road have gone through the roof due to high demand by IT majors to establish their campuses on this stretch dubbed the "IT corridor" or "IT Highway".

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