Property Developers Making Profits Through Land Near SEZs

March 7, 2007	(1 votes, average: 5 out of 5)  Loading ...
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Indian Real estate developers are jostling hard to take up the opportunities around the two SEZs promoted by Reliance Industries (RIL), Maha Mumbai SEZ (MMSEZ) and Navi Mumbai SEZ (NMSEZ), which it has started in JV with CIDCO).

Situated in Raigarh, both the SEZs cover a land area of 14,000 hectares. Most individuals have also parked their money in the Mandwa and Alibag region and hoped for the prices to shoot up in near future due to proposed SEZs and Rewas-Aware seaport.

The craze for developing SEZs can easily be seen among property developers, whether prominent or start up businesses. For example, a city based Construction Company, Samira Habitats is drawing up plans to develop SEZ in Poynad, which is 6 km away from the MMSEZ. The company has already appointed Meghraj SP Corporate Finance to search for potential private equity partners to raise funds for the venture.

Hiranandani Constructions, a Mumbai based real estate developer, has also bought 200 acres of land in Nagaon near Alibagh, which lies 24 km from MMSEZ. The development plans are in progress, says officials.

The company has around 200 acre land bank with it. Out of which, it is planning to use just 25-40 acres for the development of SEZ and the rest for the health farms, medical facilities, a international educational institution, a three star hotel around the SEZ.  The group aims to incorporate a whopping investment over Rs. 100 crore for the venture.

Alibag will not remain as a getaway destination but will emerge as a suburb to the SEZs. Featuring an array of the world-class infrastructure facilities, excellent jobs prospects, and better lifestyles, the surrounding areas will see great demand coming, says Sameer Nerurkar Managing director, Samira Constructions.

News Published Under:   Real Estate Developers |

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