PS Group to set up IT park in Lanka

Colombo: Economic Times India City-based realtor PS Group would set up an IT park on public-private partnership basis in Sri Lanka at an investment of USD 80.44 million.

Chairman and Managing Director of PS Group Pradip Chopra said that the IT park would be developed on an area of 1.6 million square metres and would provide direct employment to 20,000 and indirect employment to 80,000 people.

Nationally, the group flagged off its Chennai operations with a shopping mall and premium residential project next to Infotech Park at Siruseri in Tamil Nadu.

Chopra said the group was also setting up similar projects at Coimbatore and Chandigarh. This company hopes that this move will help them move ahead in the market. PS Group also launched a book on property development to boost property retention and growth in India. According to Chopra, most of the projects are done by joint ventures and he considers PS Group as a leading player in this category. The company has developed 25 projects from 2004 to 2006.

According to Chopra, higher incomes levels have changed the profile of home buyers considerably.
Chopra added that the company has more than 50 projects in the pipeline and their future joint venture plans include a shopping mall and a residential complex in Coimbatore, and a special economic zone each in IT and service sector in Chandigarh and Hijenwadi, Pune, respectively.