Ansal Prop to invest Rs. 130 cr on SEZ development in Gr Noida.

Realty firm Ansal Properties and Infrastructure has revived its plan to develop a 75-acre IT special economic zone (SEZ) in Greater Noida and will invest about Rs. 130 crore over the next three years on construction.

The IT SEZ was notified by the Commerce Ministry in 2006, but the company was going slow in the development of SEZ project due to global economic slowdown.

With construction of Yamuna Expressway and NIIT setting up its captive units near this SEZ, the company has decided to increase the pace of development of this project.

'We roped in Earth Infrastructure as co-developer for this project in 2012 with the permission of the Centre. We have invested about Rs. 130 crore onpurchase of land, physical infrastructure and construction of 2 lakh sq. ft. area in this SEZ,' Ansal API Advisor (SEZ) R M Manroa said.

Stating that two units have already started operation in SEZ, he said the company expect that entire 2 lakh sq. ft. would be leased and about 10 units will start functioning during the current fiscal.

It plans to invest another Rs. 130 crore over next three years along with its co-developer on further development of 8 lakh sq ft, taking the total built-up area to 10 lakh sq. ft. by 2016-17.

Manroa said the development and investment would be done jointly by Ansal group and co-developer.

About 65 per cent of the area in this SEZ has been kept for processing zone and another 35 per cent for the non- processing zone.

BS