The second phase of the Waverock IT Park launched: Inaugurated by KCR
Many global real estate players believe that the Narendra Modi Government would bring back positive market sentiments. Global real estate developer Tishman Speyer is also one of them and is shifting back its focus on India. The company now is looking at expanding its footprint in the domestic market and planning new projects across many cities in India.
The projects they had undertaken were slower than originally planned in the development of real estate projects in India, and that had dampened their spirits. Originally it set foot in the Indian market with the launching of its Waverock IT Park in Hyderabad in 2010, which houses global IT companies such as Accenture and TCS.
The good news is that now the dampened spirits have revived again and the company has decided to launch the second phase of the project. Telangana Chief Minister K Chandrasekhar Rao today inaugurated the second phase of the project that has been developed with an investment of Rs 200 crore.
This will add about seven lakh square feet of international standard IT work space and will accommodate about 7,000 IT professionals. Jerry Speyer the chairman and Co-CEO of the company mentioned that it has launched work on the third phase of Waverock. The overall investment in its flagship property in India would be Rs 1,050 crore, including Rs 250 crore in the current phase of the project.
Speyer also mentioned that the company was looking for new properties in larger cities. The company wants to invest in the cities where they can do more than one project.
Source- The Hindu Business Line
Andhra Pradesh, business and finance, computing and information technology, construction and property, Economy, Hyderabad, IT Tech park Hyderabad, IT-enabled services, K Chandrasekhar Rao, Telangana Chief Minister, Telangana Government, Tishman Speyer, WAve Rock Tech park
