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Tata Realty and Infrastructure will be investing 5,000 crore to develop a premium IT park in Navi Mumbai, Tata group firm said on Saturday hoping that demand for office and data centre spaces will rise in coming years. Once completed, more than 70,000 people will work in this IT campus, an official said. 

Maharashtra Industries Minister Subhash Desai laid the foundation of the project on Saturday.

The company will develop 7 million square feet of area in this 'Grade-A' IT park project 'Intellion Park' in a phased manner over the next eight years, Tata Realty and Infrastructure Ltd Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt told PTI. 

"We have 47.1 acre of land located in Ghansoli, Navi Mumbai. On this land parcel, we are doing 7 million square feet of development, predominantly IT space and data centres with some complementary retail and non-IT office space," Dutt told PTI.

"The total investment on this project is 5,000 crore. This is Tata Realty's largest single investment in office real estate," he highlighted. The project will be developed in partnership with UK-based investment firm Actis.

In the first phase, Dutt said the company is developing 5 lakh square feet (0.5 million square feet) building. The company has already started pre-leasing process of this 5 lakh square feet area.

The Navi Mumbai area commands a monthly rental of 60-70 per square feet. Around 2-3 million square feet office space gets leased in this area.

"We are already in the market to pre-lease 5 lakh square feet or even more. We can built to suit for corporates. We are in discussion for development of data centres," he said.

Commenting on the partnership, Ashish Singh, Partner, Actis India, said: “Actis is proud to be associated with this state-of-the-art project, which will not only provide an office destination of choice for tech companies to thrive in, but also be a buzzing social place for their talent, strengthening these companies' ability to attract and retain top quality talent, an increasingly important competitive advantage".

Tata Realty and Infrastructure Ltd, which is a 100 per cent subsidiary of Tata Sons, has an extensive portfolio of over 50 projects across 15 cities.

Tata Realty has developed over 15 million square feet of commercial projects and has around 12 million square feet of projects under development & planning.

(With inputs from agencies)

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