In view of emerging demand scenario for office and data center spaces in the near future, Tata Realty and Infrastructure recently announced an investment of ₹5,000 crore to develop a premium IT park project in Navi Mumbai, Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said in a recent media statement, adding that the company will develop 7 million square feet of area in this 'Grade-A' IT park project 'Intellion Park' in a phased manner over a period of time. The company will develop this project in partnership with UK-based investment firm Actis. "We have 47.1 acre of land located in Ghansoli, Navi Mumbai and will build spaces, predominantly IT space and data centers with some complementary retail and non-IT office space.”
This is Tata Realty's largest single investment in office real estate and once completed, more than 70,000 people will work in this IT campus. Actis has been roped in as investment partner in this project, which is the third such partnership with Actis. Tata Realty is a majority shareholder in this IT park project. The total investment will be funded through equity and debt and that the construction work has started in the IT park project. In the first phase, Dutt said the company is developing 5 lakh square feet (0.5 million square feet) building.