Hiranandani Group to set up IT/ITeS SEZ in Chennai

D GOVARDAN

TIMES NEWS NETWORK[ SATURDAY, DECEMBER 16, 2006 02:21:32 AM]

CHENNAI: Blue Vision Construction, part of the Mumbai-based Hiranandani
Group, is setting up a product-specific SEZ over an extent of 105 acres
about 40 km west off Chennai. The company is also in the process of
acquiring large tracts of land in the region for promoting a residential
township.

The SEZ, for which the company is awaiting a formal approval from the
Union Government, is coming up at Thriveni Nagar, Vadakkupattu village.
The project is expected to attract an investment of close to Rs 2,400
crore over three phases, with each phase being developed every two years.

“The company is in possession of the entire land required for the
project on 99 year lease basis. And there is no land acquisition
involved in this proposal,” official sources in the state government
told ET. The state government has since recommended the Union Government
for according formal approval to the project, subject to it meeting the
prescribed norms.

According to sources in the real estate and property markets,
Hiranandani Group has been acquiring large tracts of land in the region,
where it intends to also promote a residential township. It will have
malls, multiplex, a school and healthcare facilities.

“The company has acquired around 750 acres of patta land directly from
the land owners in the villages of Vadakkupattu, Senthamangalam and
Badharvadi. In addition, it has also acquired close to 480 acres in the
adjacent Palur village,” the sources added.

According to the government, the SEZ project by Blue Vision will be a
pioneer in bringing companies related to software to the area. The
Sriperumbudur region has been attracting several large telecom and
electronic manufacturing projects including Nokia, Motorola,
Flextronics, Samsung and Dell among others.

Hiranandani Group is one of the largest real estate developers in India.
During 2004-05, it registered a turnover of Rs 234.49 crore and a net
profit of Rs 85.9 crore.

http://economictimes.indiatimes.com/articleshow/822810.cms