Raheja launches engineering SEZ in Gurgaon

New Delhi: Raheja Developers launched the Rs. 4,500-crore specialised ‘engineering SEZ’ that would come up in Gurgaon, Haryana, in the next three to five years.

“We have launched developmental work. This is the first notified engineering special economic zone (SEZ) in northern India. The project cost to develop this 255-acre SEZ is about Rs. 4,500 crore,” Raheja Developers Chairman Navin Raheja said.

The project was expected to create job opportunities for around 50,000 people, directly and indirectly, Mr. Raheja said adding that the first phase of the project would be completed in the next 3-5 years.

The company planned to increase the size of the SEZ project and was in talks with land owners.

The company had also floated an Expression of Interest from interested companies and September end deadline had been fixed for filing responses.

Mr. Raheja said that out of the total 255 acres, about 60 per cent had been purchased while in the remaining 40 per cent the company had entered into a partnership with land owners.

“We will share the lease rentals with land owners. They can earn anything between Rs. 2 lakh and Rs. 5 lakh an acre a month by this process,” he added.

The company had promised jobs to two persons from each family of farmers whose land had been acquired. The Indian engineering sector is estimated at more than Rs. 1,20,000 crore in 2004-05 and is growing at an annual growth rate of 11 per cent since 2001, he said.