An exclusive business park will be built at the GMR Airport City here with an investment of ₹350 crore.
Launching the first of the six towers with a rental space offering of 2.4 lakh sq ft on Friday, which will be ready for occupation by the year-end, Aman Kapoor, CEO, GMR Airport Land Development, said the funding will be through a mix of internal accruals and debt.
Timeframe
The project with a total commercial area of a million sq ft is expected to be completed in the next 2-3 years, depending on the demand, Kapoor told a news conference here.
The business park will be developed by GMR Hyderabad Aerotropolis Ltd, a 100 per cent subsidiary of GMR Hyderabad International Airport Ltd, which conceptualised the Airport City to trigger an integrated ecosystem of commercial, retail, leisure and entertainment, aerospace logistics, and healthcare over a 1,500-acre campus.
The GMR Group has been looking at opportunities to monetise its land bank, divest stake to bring down debt and follow an asset light strategy.
Infra offering
The focus will be on attracting IT, technology, new economy companies from across the world, with office and related infrastructure tuned to their needs. “It will not be competing with the HICC, the commercial district of Cyberabad, but provide an alternative to customers,” he said.
Green technologies, new generation digital and quality infrastructure will form the framework for the development of the business park. A Retail Park, which will house malls and cinemas will be launched soon. It will be followed by an entertainment zone too, Kapoor added.