On Saturday, Tata Realty and Infrastructure Ltd announced that it would spend Rs 5,000 crore on a premium IT park project in Navi Mumbai, citing rising demand for office and data center space in the coming years. This is one of the biggest Tata Realty invest in Navi Mumbai.
Sanjay Dutt, Managing Director (MD) and Chief Executive Officer (CEO) of Tata Realty and Infrastructure Ltd, stated in an interview with PTI that the business would construct 7 million square feet of area in this ‘Grade-A’ IT park project ‘Intellion Park’ in a staggered way over the next eight years.
He stated that the organization would work on this initiative with Actis, a UK-based investment group.
“In Ghansoli, Navi Mumbai, we own 47.1 acres of land. We’re developing 7 million square feet of space on this parcel, mostly IT space and data centers with some retail and non-IT office space thrown in for good measure, “PTI quoted Dutt as saying.
“Tata Realty invest in Navi Mumbai at around Rs 5,000 crore. This is Tata Realty’s greatest single office real estate investment, “he emphasized.
Infrastructure
According to Dutt, more than 70,000 people will work in this IT campus once it is done.
This project has enlisted the help of Actis as an investment partner. This is Actis’ third such collaboration.
“Tata Realty – best builders in Mumbai, is a majority shareholder in this project,” Dutt added, although he didn’t say how much the Actis company had invested.
The overall investment will be paid for through equity and debt. The IT park project has begun its construction phase.
On Saturday, Maharashtra Industries Minister Subhash Desai lay the project’s cornerstone.
According to Dutt, the company is developing a 5 lakh square foot (0.5 million square foot) building in the first phase. This 5 lakh square foot area has already been pre-leased by the company.
Real estate property in the Navi Mumbai
The real estate property in the Navi Mumbai area rents Rs 60-70 per square foot every month. About 2-3 million square feet of office space is leased in this location.
“We’re already looking to pre-lease 5 lakh square feet, if not more, of space. For corporates, we can tailor-make a solution. We are debating the development of data centers,” he stated.
According to Mr. Dutt, respected architects and experts designed this IT park project.
When asked about Tata Realty’s current portfolio, he noted the company now owns 7 million square feet of rent-yielding commercial assets, almost all of which are office assets.
He emphasized that the organization strongly emphasizes sustainability, the environment, and employee well-being.
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