Real Estate Gurgaon

Reliance Industries Ltd (RIL), which signed an agreement with the Haryana government to set up India’s largest special economic zone (SEZ) in Gurgaon near Delhi, is aiming to create an ultra-modern city for technology and non-polluting industries that will be just under a quarter of Mumbai’s geographical size.

The project, which will involve Rs 25,000 crore of direct investment by Reliance Haryana SEZ Pvt Ltd, is modelled on the enormously successful Shenzhen SEZ in China. While Shenzhen is housed over 32,700 hectares, the Reliance SEZ will use 10,000 hectares (100 sq km). When completed over 5-10 years, it could catalyse investments in the region of Rs 1,00,000 crore.

About 5% of the 10,000 hectare project area is being earmarked for leisure and recreation. "A possible tie-up with Disney, Time Warner or Universal could be undertaken," said Ambani. A golf course built to standards prescribed by the Professional Golfers’ Association will also be set up in this special zone.

HSIIDC expects to complete the land acquisition in three years and development activities would be completed in another two years.HSIIDC will get Rs 360 crore in the form of total land acquisition costs upfront, 9% interest capitalised as holding cost, and administrative cost at the rate of 15% of the cost of the acquired land. In addition, it would get sweat equity, without any investment, at 10% of the equity.

Source:http://www.dnaindia.com/