Embassy Group, India’s leading property developer, has
received approval from the Board of Approval to act as exclusive Co-Developer
for the Notified SEZ at Chennai previously known as SNP Infrastructure Private
Limited.
The project, a 30 acre SEZ property near Vel’s University on
Thoraipakkam-Pallavaram radial road in Chennai will be known as Embassy
Splendid TechZone.
The Bhoomi Pooja held on June 15 was attended by Embassy Group
and SNP Infra team members. Phase 1 of this project will be 2 million sq. ft.
is expected to be completed in 2019.
Talking on the MoU, Jitu Virwani, Chairman and Managing
Director, Embassy Group, said, “We are excited to move ahead with this new
partnership and add it to our existing multi SEZ portfolio. With this, we plan
to strengthen our foothold in Chennai, a city with tremendous growth potential
and a key market for our business. We share great synergy with SNP
Infrastructure and look forward to having a longstanding relationship with them.”
Speaking on the occasion, Mike Holland, CEO Embassy Office
Parks said, “Embassy Splendid Tech Zone, Chennai is strategically located less
than 4 km from the Chennai airport, easily accessible from both OMR and GST
roads, and served by Pallavaram & Velacherry railway station with strong
local and residential neighbourhoods which can cater to, and benefit from, the
planned IT SEZ. The location is elevated which gives natural protection from
flooding and support to business community needs. Corporate occupiers could not
wish for a more strategic location. We are already seeing strong demand from
both residential and commercial users in this location.”
PR Gopal Raju, Chairman, SNP Infrastructure said, “We are
happy to partner with Embassy Group for this venture and we look forward to
recommencing construction of our first 2 m sq. ft. of SEZ offices at the
earliest.”
Recently two of the existing Embassy SEZ’s in Bangalore were
acknowledged as “Best Performing SEZs in India”. Embassy Manyata Business Park
promoted by Manyata Promoters Private Limited and Embassy TechVillage promoted
by Vikas Telecom Private Limited have been awarded with Certificate of
Excellence by the Ministry of Commerce and Industry. Embassy Manyata Business
Park and Embassy TechVillage were both notified as Special Economic Zones in
2006 and both have lived up to the objectives of the SEZ regime, which is to
promote infrastructural development, generate employment, promote exports.
These awards further acknowledge the market leading performance of the Embassy
SEZ’s.
As on March 2016, Embassy has developed three SEZ’s with
total investments of around Rs4700 Crore, with built up areas of 9.8 m sq. ft.,
generating 172,000 direct jobs, within 84 SEZ Units, and exports approximately
Rs. 67,000 Crore.
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