Peninsula Land on an Expansion Mode

March 7, 2007	(Be the first to rate this story!)  Loading ...
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Peninsula Land, the sister company of Ashok Piramal group, has notched up a 100-acre Special Economic Zone (SEZ) in Pune for Rs 85 crore where it will develop a 45 lakh sq ft information technology park.

This is Peninsula Realty’s first project in Pune, and the company expects to develop around 1.5 million square feet of space for leasing and sale to IT companies.

The SEZ has got green signal for the project. And Rajeev Piramal, executive vice chairman, Peninsula Land has said that the company will be developing the SEZ in phases for five years with an estimated cost between Rs 1,200 and 1,400 per sq ft.

The land was purchased from City Park, a special purpose vehicle formed by the individual land owners in the SEZ. With this acquisition of 4 million sq ft to Peninsula’s existing 28 million sq ft space under development in cities including Goa, Pune and Mumbai, the firm now looks towards cities like Bangalore, Hyderabad and Chennai.

Talking about his company’s strategy, Piramal said the company is looking at some more acquisitions in Pune. And their strategy is a combination of developing large layouts that may take up to 5 years, as well as smaller 18-30 months projects that allow them quick exit.

They are also developing another IT project called the Techno Park at the Swan Mills – at Kurla in Mumbai’s central suburbs and several other mill projects in Mumbai including Ashok Towers at Parel’s Morarji Goculdas Spinning & Weaving Mills, and Ashok Gardens at Sewree’s New China Mills.

Meanwhile, the company is expected to start construction on Dawn Mills soon, which was caught in some legal tangle but it has now been resolved, says Piramal.

The company also acquired controlling stake in Dawn Mills from Ruias for Rs 600 crore. Peninsula Land is now merging Dawn Mills with the parent company. The group has also received approval from foreign investment promotion board to start a $350 million international real estate fund.

News Published Under:   Pune, Special Economic Zones, Real Estate Developers |

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