Gurgaon-based Real Estate Developers Capitalize on it

By: George Gonigal

Having gained an approval for 52 SEZs, the highest ever in any single district in India, Gurgaon appears to be the most favorite land to real estate developers for setting up IT Parks, as well. The latest in the row is realty major Parsvnath Developers that has recently bagged an order for developing Rs 650-crore IT Park in Gurgaon. According to industry sources, Parsvnath would complete the project within the next two years.

At the other end, real estate developer DLF has also been given a nod to set a multi-product SEZ in Gurgaon on 20,000 acres of land. The company also proposes to demarcate a 'free trade zone' within the processing area of the SEZ, which would lay emphasis on trading of goods and commodities manufactured within the SEZ, and the service sector, including BPOs, IT and ITES companies. Another Gurgaon- based real estate developer Unitech is already been running Unitech Cyber Park and Unitech Business Park in the city quite successfully.

Not just real estate developers, corporate major like Reliance Industries Ltd has also expressed its confidence in Gurgaon Real Estate and is setting up India's largest Special Economic Zone in Gurgaon (SEZ), which is projected to spawn up the turnover of Rs 50,000 crore in the very first year of operation. The company has forged an alliance with Haryana State Industrial Development Corporation (HSIDC) for the project.

Nevertheless, as per official claims, these SEZs would cast tremendous impact on the local economy of Gurgaon. It has been estimated by research agencies that these SEZs would generate over 20 lakh jobs in Gurgaon alone. While some of these duty-free enclaves will be quite big, a majority of them will be small. Meanwhile, Gurgaon continues to be the king of SEZs with every more than half of the total number of SEZ proposals coming in for it. Look at the records. Government reports show that out of the total of 28 in-principle approved SEZs for Haryana state, 18 are in Gurgaon.

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