Tata Realty invests Rs 5,000 Crore to build information technology park project in Navi Mumbai

Tata Realty will invest Rs 5,000 crore to build IT zone in Navi Mumbai

Tata Realty and Infrastructure Limited under the Tata group has announced an investment of Rs 5,000 crore to develop a high-end IT park project in Navi Mumbai as they anticipate a demand for office space and data centers will increase in the coming years.

Tata Realty and Infrastructure Ltd Chief Executive Officer (MD) and Chief Executive Officer (CEO) Sanjay Dutt said the company will develop 7 million square feet in this ‘Grade A’ IT park project ‘Intellion Park’ in stages over the next eight years, according to PTI news agency.

He added that the company will develop the project in partnership with UK-based investment firm Actis.

“We have 47.1 acres of land located in Ghansoli, Navi Mumbai. On this plot we are developing 7 million square meters mainly IT space and data center with some retail offices. and additional non-IT offices,” Mr. Dutt told PTI.

“The total investment in this project is Rs 5,000 crore. This is Tata Realty’s largest single investment in office real estate,” he emphasized.

According to Mr. Dutt, once the project is completed, more than 70,000 people will be able to work on the IT campus.

Actis has been invited to be an investment partner in this project. This is the third such partnership with Actis. “Tata Realty is a major shareholder in this information technology park project,” Mr. Dutt said, without disclosing how much Actis Group invested.

The total investment will be financed through equity and debt. The Information Technology Park project has been started construction.

In the early stages, the company is developing a 0.5 million square foot building. The company has already begun the pre-lease process of this 50,000 square foot space. Navi Mumbai area has a monthly rent of Rs 60-70 per square foot. Approximately 2-3 million square feet of office space is leased in this area.

“Actis is proud to be associated with this state-of-the-art project that will not only provide an office destination of choice for thriving tech companies, but also a renowned social venue for talent.” them, strengthen these companies” Ashish Singh, Partner, Actis India, says the ability to attract and retain top quality talent, an increasingly important competitive advantage.

Tata Realty and Infrastructure Limited – a 100% subsidiary of Tata Sons, has a rich portfolio of more than 50 projects in 15 cities.