Pune

Realty developer Paranjape Schemes is planning to develop one more Information Technology Special Economic Zone (IT SEZ) in Pune's Hinjewadi. The company will be investing over. 600 crore to develop around 1.5 million square feet of leasable space in this second Special Economic Zone.

Paranjape Schemes has recently received approval for the proposed development near its Blue Ridge township.

The township already has the first operational Blue Ridge IT SEZ developed by the company with about 3 million square feet of leasable area, built in two phases. The first phase of the operational SEZ was acquired by Blackstone Group, while Singapore Government Undertaking Ascendas-Singbridge recently invested. 600 crore in the second phase.

"The upcoming SEZ has a potential of more than 1.5 million square feet of leasable area and is expected to get completed in the next two year's time just before the sunset for SEZ concessions in March 2020. The current SEZ and this up coming one would together have a potential to offer more than 50,000 IT jobs at Blue-Ridge township at Hinjawadi," Shrikant Paranjape, Chairman, Paranjape Group of Companies, told ET.

The construction of the earlier second phase with leasable area of more than 1.5 million square feet of the first SEZ was also completed in two years. Many prominent IT companies like Accenture, L&T Info tech, Persistent, Tata Technologies, Saama Technologies, etc, have leased space in this SEZ contribu ting to the eco nomic activity in the Hinjawadi IT cluster.

Pre-commitment levels in key office markets across India have been on the rise, which is an indication of sustained demand and occupier's interest in commercial spaces. The pre-leasing activity is gathering pace not only for commercial projects to be completed this year, but scheduled to be completed over the next two years.