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MVL to launch IT park in Gurgaon

The project is located at NH-8 Expressway and will offer around four lakh sqft to IT & ITES firms seeking foothold in India.

india Updated: Apr 05, 2006 11:29 IST

MVL, the real estate division of consumer Electronics Company Media Video Ltd, is launching a Rs 200 crore IT Park project with the name of 'Softech Village' in Gurgaon.

The project follows the approval of scheme of amalgamation of six companies under the MVL Banner.

The Park Softech Village will be completed in 24 months. The state-of-the-art Softech Village will be designed meticulously to suit the requirement of International hi-tech companies in the field of IT, ITES etc.

The project is located at a strategic location at NH-8 Expressway and will offer around four lakh sq ft to IT & ITES firms seeking foothold in India. Softech Village will add approximately Rs 40-50 crore to MVLs bottom line over the next two years.

Commenting on the developments in real estate sector, Prem Adip Rishi, CMD, MVL, said, "MVL has entered into real estate market to accomplish its vision of becoming a Rs 1000 crore company in next five years. The Company is committed to provide quality and benchmark projects across the country, in time to come."

India is emerging as an attractive outsourcing destination to major global companies around the world in IT and ITES and the real estate sector is one of the major beneficiaries.

Nearly 75 per cent of the commercial demand in the Gurgaon region is from IT and ITES companies, 20 per cent of Fortune 500 companies have already set up their operational base in Gurgaon. Recognising the boom in the market, a multinational has already entered into an understanding with MVL to shift their operations to Softech Village.

First Published: Apr 04, 2006 11:17 IST