Akruti Nirman enters the Pune real estate market

Published: December 21, 2007 at 5:42 PM | Author: Administrator
News Source: INRnews - Indian Real Estate News

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Akruti Nirman Ltd, a leading real estate developer, has announced that the Company has entered Pune. To cater to the rapidly evolving needs of Pune denizens, Akruti City Ltd will build international quality residential & commercial complexes, hotels, and IT parks in the city.
The first project to be rolled out from the Company's portfolio in Pune is an IT park with a built up area of 5 million sq ft. Land for this project has already been acquired near Hinjewadi and 25% of the work has already been completed. The project is being developed jointly with DLF and a separate SPV 'DLF Akruti Ltd' has been formed for the purpose.

This IT Park has evolved from careful study of the city’s need, and offers state-of-the- art facilities for the IT industry such as provision for fiber optic connectivity, 100% power back-up, central air-conditioning, separate service & passenger elevators, top class security with round-the-clock CCTV and modern fire-fighting solutions, Commercial bookings for the project are open and IT majors such as Cognizant Technologies and others have already leased from the project.

Mr. Hemant Shah, Chairman of the Company said, "Pune has emerged as one of the fastest growing cities in the country, fueling India’s growth story with one of the densest critical mass of IT activity within the state of Maharashtra. This is gradually transforming the city from a tier II city to a vibrant tier I metropolis. A need for better-engineered homes and offices has emerged, with a high demand for innovation and quality. At Akruti we aim to continuously leverage such opportunities, to accelerate growth and deliver value to all our stakeholders".

Apart from the IT Park, the Company is also exploring other projects in the city. The Company has accumulated a land bank of over 150 acres across the city. The Company will develop residential & commercial complexes, hotels, and SEZ's with a sum total of 12 million sq. ft. to be built out over the next three years. The Company is investing over Rs 1500 crores towards its expansion into Pune.

"Business and professional opportunities are attracting people to making Pune their home and a business hub Hence the demand for state of the art structures with world class facilities is bound to rise", added Mr. Hemant Shah.