Mahindra’s Jaipur SEZ To Become Partly Operational From July

The Special Economic Zone being developed by Mahindras at Jaipur will become partly operational in July with first group of clients moving in, a top official said on Friday.

Mr. Arun Nanda, vice-chairman of the company told that Mahindra Lifespace Developers, the real estate and infrastructure development arm of the USD 6 billion Mahindra group, has also started buying land at Karla, near Pune, for an SEZ project.

He said that the company has managed to get a premium of 20 to 40% over the current market rate for some of its residential projects in Mumbai and Faridabad.

He said that the company has an estimated land bank of 35 million square feet across the country and expanding to new places like Nashik and Nagpur.

Mr. Nanda said that earlier people were talking about the long gestation periods faced by the company. But now onwards, the company will see far more accelerated growth. The story is now unfolding. There will be unlocking of profits.

The company has 1.5 million square feet of space under construction at present.

Referring to the SEZs, he said that the company has the distinction of promoting the first successful SEZ in private sector at Chennai, now known as Mahindra World City. The second SEZ at Jaipur is progressing well and the first group of clients, which includes Infosys, will move in in July. It would take couple of more years for the entire SEZ to become operational.

One Comment

  1. Posted May 4, 2008 at 11:27 pm | Permalink

    SEZs have encouraged the development of commercial property.Not so long ago the only commercial spaces available were in core market areas or in privately owned buildings.The development of more SEZs will help organizations operate better in a more cost effective manner.

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