GMR Group is setting up a business park in Hyderabad to be developed by GMR Hyderabad Aerotropolis, a subsidiary of GMR Hyderabad International Airport. The area covered by the business park is one million square foot where six business complexes would be developed. The project will be financed through debt and internal accruals of Rs. 350 crore. It will be developed in two phases. The first phase comprises four towers, of which one is ready for occupancy.
“The first tower is already leased out to four vendors. The second tower across 2.4 lakh sq ft is under construction and we plan to complete Phase 1 before the end of 2019. The whole business park will be completed within three-four years depending on the demand for office space,” GMR Airport Land Development CEO Aman Kapoor said. Overall, the company has around 1,500 acres of land for the social infrastructure development plan which includes retail project across 19 acres of land, seven acres of the business park, family entertainment centre, 120 acres of logistics and warehouse space, and special economic zone. This land parcel, along with the airport, is spread across nearly 5,000 acres.
The Aerocity in Delhi, which is also developed by GMR, has 232 acres of land development which is less than one-fourth of the development land in Hyderabad, the management said. Kapoor said the company is open to joint ventures, though no discussions are on as of now.
“The business park is our first initiative and since the cities generally grow near the airport, we are optimistic of the demand at airport city. For that, we need to change the perception that the airport is far away from the city,” he said.
Apart from the business park, the group is hosting Amazon’s largest fulfilment centre across 4 lakh sq ft in the logistics park, which will be further expanded to 6 lakh sq ft.
THE FINANCIAL EXPRESS
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