With the economy showing strong signs of recovery and the IT sector posting good results, Ansal API has revived its plans to develop a special economic zone (SEZ) for IT services.
The Delhi-based developer has planned an investment of Rs 1,320 crore towards its SEZ in Greater Noida and an IT office space complex in Noida. The plans were put on hold last year.
“The outlook for the IT sector looks good and demand for space is coming up, so we are going ahead with our plans to develop the IT SEZ at Greater Noida,” Rakesh Kaul, COO Ansal API Group, told Hindustan Times.
Branded ‘The Campus’ the 75-acre SEZ in Greater Noida was notified in 2006. It is expected to have a built-up space of 5 million sq ft. The 10-acre IT office space complex in Noida is relatively small.
“The money for development will be sourced through pre-leasing contracts and debt,” said Kaul.
He said rentals in Noida and Greater Noida were roughly half of those in Gurgaon, so it would make sense for the companies to lease out space in Noida and Greater Noida.