Mahindra's Jaipur SEZ to become partly operational from July

The Special Economic Zone being developed by Mahindras at Jaipur will become partly operational in July with first group of clients moving in, a top official said on Friday.
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the USD 6 billion Mahindra group, has also started buying land at Karla, near Pune, for an SEZ project, Arun Nanda, vice-chairman of the company told reporters while releasing financial results here today.
The company has managed to get a premium of 20 to 40 per cent over the current market rate for some of its residential projects in Mumbai and Faridabad, he said.
The company has an estimated land bank of 35 million sq ft across the country and expanding to new places like Nashik and Nagpur, he said.
Nanda said that earlier people were talking about the long gestation periods faced by the company. But now onwards, "the company will see far more accelerated growth. The story is now unfolding. There will be unlocking of profits," he said.
The company has 1.5 million sq ft of space under construction at present.
Referring to the SEZs, he said the company has the distinction of promoting the first successful SEZ in private sector at Chennai, now known as Mahindra World City. The second SEZ at Jaipur is progressing well and the first group of clients, which includes Infosys, will move in in July. It would take couple of more years for the entire SEZ to become operational, he added.

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