It’s good news for Gurgaon professionals, as they might be shifting to a brand new office district with over 20 million sq ft of IT SEZ space. This can be expected to widen the development scope of the millennium city.
IREO builders, based in Gurgaon as well as a joint venture of Singaporean IT park specialist Ascendas and sovereign fund GIC are planning to build IT SEZ space in Gurgaon's Golf Course Extension Road, situated on the southern edge of the city.
Presently, DLF Cyber City serves as the largest office space conglomeration in Gurgaon, with around 13 million sq ft of space built over the past 15 years. However, it is left with leasable space under 10 per cent vacancy level, as per a reprt of property advisory firm JLL.
Talking of the new plan, IREO has planned to spend Rs 5,500-6,000 crore on it, in building about 12 million sq ft of IT SEZ space over 85 acres in the Golf Course Extension Road area. In the first phase of construction, a million sq ft area would be developed.
On the other hand, Ascendas India Growth Fund will build about 8 million sq ft of IT and commercial mixed-use space. This space would include IT SEZ, retail amenities, corporate office and some hospitality elements, and would cost Rs 2,500-3,500 crore. Its first phase would see 1.3 million sq ft area being developed.
Even though both projects would be separately built, the larger development on the two contiguous parcels of land will be according to a common infrastructure master plan. With international specifications including traffic planning, state-of-the-art infrastructure, the project has completed traffic studies and roads and other infrastructure are to be accordingly constructed.
The strategic location is close to the under-onstruction metro railway phase, attracting more tenants.
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