Real estate and hotels major Royal Palms will invest around Rs 600 crore to set up an IT/ITeS special economic zone (SEZ) in Mumbai that would be ready for occupation by end of next year. The company intends to develop the SEZ on a 26-acre land and would rent the space to 15-20 large and a host of small software firms.
The company has received both Central Government and state government (empowered Group of Ministers) approvals for the IT SEZ, and is awaiting Development Commissioner’s approval to commence work. Mumbai-based Hiranandani Builders had also sought approvals for setting up an SEZ for software and is awaiting a notification (approval under SEZ Act).
Royal Palms is planning to build the SEZ under two phases, with a development of around 10 lakh square feet in the first phase and similar area in the second phase. Upon completion, it would be offered on rent to software companies.
Around 70 per cent of the total investment would be raised from internal accruals and promoter’s stake, and the remaining through debt.
Read more in The Business Standard article.
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