Hyderabad News. Tishman Speyer Inaugurates 7 Million SFT Waverock in Gachibowli. TCS picks up 2 Million SFT
Hyderabad News. BL 18.02.10
(Excl Ventures News)
Tishman Speyer India (TSI) Business Parks (Hyderabad) today announced the completion of the Phase-1 of the Wave Rock IT special economic zone (SEZ) project with a built-up space of 7 lakh sq ft, wherein TCS has taken up major space (2 Million SFT).
The US firm is now embarking on the next phase which will entail investment outlay of Rs 650 crore for 18 lakh sq ft of additional office space.
The Managing Director of Tishman Speyer, Mr A. Robert Paratte, and the Country Head and Managing Director of Tishman Speyer in India, Mr Rakesh Sharma, told Business Line that these investments are part of the $350 million Tishman Speyer Fund created by the company for India operations.
ICICI Ventures is part of the venture and TSI also plays the role of construction partner. Located in the Financial District near Hyderabad and close to Indian school of Business and campuses of Microsoft, Infosys and Wipro, this is projected as a landmark project marked by unique designs. The project is architected by Pei Cobb Freed & Partners, New York, with civil works by Shapoorji Pallonji.
The project is a venture of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and Tishman Speyer and ICICI Venture, a private equity arm of ICICI Bank.
“The land was allotted in 2007 and we have completed the first phase which is now ready for occupation. As a realty company, we factor both boom times and slowdown and are prepared to take both these in our stride. We are looking at next phase of growth and more investments in India,” Mr. Rakesh Sharma said. Asked if they are open to acquisitions, Mr Sharma said, “though nothing is on the as yet radar. We are open for any good opportunity that resets itself.”
Tishman Speyer has been allotted 124 acres of land at Tellapur near here by the APIIC and plans to take up mixed development project, which includes office, commercial and residential parts.
Comment :
The fact that TCS has picked up space bodes well for the IT region of Gachibowli/Hitec City in Hyderabad. Tishman Speyer plans for Tellapur was delayed due to the financial crisis in 2008/09. The project has now been restricted to 124 Acres instead of 400 since balance land is said to be still under dispute.
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