Hinjewadi IT Park
The Hinjewadi IT Park (officially called as the Rajeev Gandhi IT Park), is a project undertaken by MIDC to promote the IT sector in Pune. It has started to acquire land for this purpose. When completed, the Hinjewadi IT Park is expected to have an area of about 2800 acres. The estimated investment in the project is Rs. 600.0 million.
The whole project will be developed in phases. Here is an approximate breakdown of the phases:
Phase I: 198 acres
Phase II: 470 acres
Phase III: 985 acres
Phase IV: 1100 acres
The Hinjewadi IT Park in Pune is a major success story, with 100% occupancy in Phase I. The Hinjawadi Park is now recognized as one of the leading IT Parks in India. Some of the biggies here include Infosys Technologies and Wipro Systems. Out of the 470 acres reserved for phase II, about 135 acres have earmarked for a biotechnology Park. MIDC has also planned the following amenities:
- Connectivity through Bharat Sanchar Nigam Limited (BSNL) Exchange and Software Technology Parks of India (STPI)
- 24/7 electricity supply
- 24/7 water supply, including a Hill Service Reservoir
- Garden, landscaping and a recreation center
- Underground drainage system
- Fully asphalted roads with footpath and side gutters
In addition, the following facilities are planned as an integral part of the overall development:
- Golf Course
- 3-star hotel
- Business Resort
- Tree plantation in open spaces
- Development of Residential Zones including schools
Details of the Project :
Location
The Rajiv Gandhi IT Park is located at Hinjewadi, about 30 km from Pune.
Pune has a very well developed industrial infrastructure, and the growth of the city into a software center has led to a major spurt in the development of social infrastructure facilities, which now rank among the best in India.
Pune being the center of learning, education and research, the easy availability of software engineers is an advantage. In the recent past, software exports from Pune have increased from Rs. 80 million (1994-1995) to Rs. 15,000 million (2000-2001) and around 450 software companies have come into Pune. The Government has chosen Pune city as a prominent center for development of IT looking at the industrial growth in and around Pune city and the excellent international standard, educational facilities available in Pune.
Proposed Implementation Plan
The Hinjewadi project will be implemented through setting up of a Special Purpose Vehicle (SPV). This SPV would be an infrastructure company under the Income Tax Act, 1961 making it eligible for various tax concessions.
MIDC would hold a minority stake in the SPV in the form of land assets, while the private developers would hold the balance equity.
While MIDC would contribute towards the land and a part of the site development, the responsibility of completing and marketing the project is expected to rest with the co-developer.
MIDC would also offer assistance in the nature of obtaining Government clearances and approvals wherever required.
[Source: http://www.fdi.net/documents/WorldBank/databases/india/it.pdf]
Megapolis and Hinjewadi
Megapolis is located at Hinjewadi. This residential project offers high quality amenities. What’s more, it will enable employees to reduce commuting time, thereby reducing travel-related stress and increasing time spent with their families.