DLF planning to sell the 2nd phase of SEZ in Pune
DLF is the largest commercial real estate developer in India by profit, revenue and market share. The company boasts of developing state-of-the-art commercial, residential and economic zones in the country and contributes largely to economic improvement. However, the firm had a financial downfall and to reduce the mounting debt, the company had decided to sell its non-core assets, which included land, SEZs and some office buildings , in the year 2011.
As per a report by Business Standards, DLF has started negotiating with private firms and local developers for selling of its 29 acre SEZ project, which covers an area of about 2.8 million sq.ft., in Pune. Blackstone had earlier bought the first phase of this project, for Rs.810 crore, from DLF and its JV partner Hubtown. It covered an area of 1.8 million sq.ft.
The decision to sell off the project came as a strategy planned by the company, to pare its debt by exiting secondary projects and businesses. The second phase of the project is under construction and tenancy agreements are yet to be entered into. This might lower the value of the property sold, considerably. It is estimated that the project would be sold at a rate of Rs 250 crore.
Co-relation between growth of SEZs and realty sector
Special Economic Zones not only help in the generation of additional economic activity, but also add to the development of infrastructural facilities and in the growth of real estate of an area, to a large extent. They also help in creation of employment opportunities, and in the promotion of exports of goods, services and investment from domestic and foreign sources.
Like Hinjewadi in the west, Hadapsar and Magarpatta in the east are two localities in Pune, which are thronged by IT professionals. All these localities witnessed the growth of residential real estate sector in the last couple of years, which was driven by the huge demand for housing apartments by IT professionals. In and around the area of Hinjewadi, nearly 5 townships were launched in last year, to satisfy the needs of the working group and provide them with efficient residential services. KUL Ecoloch and Megapolis are two among these, which are spread over an area of more than 100 acres.
Magarpatta City, a planned township developed by Associated Space Designers Pvt. Ltd, includes corporates like Accenture, Capita, Amdocs, Avaya,BNY Mellon, EDS, Mphasis, CompuCom, iGATE and Sybase. Employees of these firms are provided with residential and commercial facilities, by reputed builders and developers in the area.
Builders are attracted to localities in and around the developed and developing SEZs and IT parks, as the same offer a profitable business solution to them. During recent years, the areas saw a rise in projects offering 1 and 2 BHK residential apartments , at affordable rates. Most of the properties here are offered at a price below 30 lacs, which make it popular among double-income families.
