HYDERABAD: K. Raheja Corp, real estate developer, will invest Rs. 400 crores for expansion of Mindspace Cyberabad, a world class IT park developed at Madhapur, to create an additional five million square feet for corporates.

K. Raheja Corp senior vice-president Ysin Virani told reporters at a press conference here on Thursdaythat 3 million square feet has already been developed, adding that by the time the entire project was completed it would have 8 million sq. ft.

Creation of jobs

"We have created 15,000 jobs and will add another 70,000 jobs in the coming 3 to 4 years," Mr. Virani said. Mindspace Cyberabad spread across 110 acres is a joint venture of K. Raheja Corp and Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

The state-of-art IT park has well-planned layout including provision for leisure activities like hotels, fitness, recreation and entertainment. Mr. Virani said a luxury hotel and mall would also come up.

Leading multinational companies like Bank of America, Verizon, CSC, Amazon, Accenture, Oracle, Qualcomm, CFCI, Patni, Sum Total and iSoft have already occupied the premises.

Special economic zone

"The MNCs are demanding more space and we are in the process of fulfilling their needs," Mr. Virani said adding that work on infrastructure for Mindspace Pocharam project spread across 105 acres, has already begun.

He said the Government has approved application for converting part of the Mindspace Cyberabad and Pocharam projects into a special economic zone.

APIIC Managing Director B. P. Acharya said that out of the 150 SEZs cleared by the Centre, State's share was 32, among which were 20 SEZs were for Information Technology .

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