Maytas launches Rs2500 crore 'walk-to-work' IT SEZ

18 July 2008

Satyam promoted Hyderabad-based real estate firm Maytas Properties Limited has launched its first IT / ITeS special economic zone (SEZ) at its 376-acre integrated township on the outskirts of Hyderabad, Maytas Hill County.

The 74-acre SEZ is planned for a ''walk-to-work'' lifestyle, and will provide the flexibility to opt for built-to-suit solutions. It will have both independent and multi-tenant buildings, with buffers for future business expansion by companies.

Speaking to the media, Sanjay Chawla, business head for the company's commercial and SEZ interests said the projected investment is around Rs2,500 crore in the SEZ project over the coming eight to 10 years, with 70 per cent to be funded by debt. The company will put in the balance 30 per cent as equity.

Maytas Properties CEO K Thiagarajan said that the SEZ has been designed by New York-based architects Skidmore Owings & Merrill (SOM), who have also designed structures such as the Sears Towers, Chicago; Buri, Dubai; and the Freedom Towers in New York. The first phase of the project will see a built-up area of 1.3 million square feet, to be completed by October-December 2009.

The first phase of the integrated township will boast three million square feet of residential space, comprised of 326 villas, and 840 apartments in 11 towers.

Chawla said the debt-equity ratio would change thereafter, as the company plans to plough back more equity into the project over the subsequent four phases. The development of the IT SEZ is planned to be completed in a total of five phases, and will house 80,000 people once complete.