In an effort to navigate through the current downturn in the real estate sector, developers Ansal API and Raheja Developers are actively pursuing their Special Economic Zone (SEZ) initiatives. Ansal has laid out plans to establish six information technology SEZs situated across three different states, while Raheja is embarking on the creation of North India's inaugural engineering SEZ in Haryana. To detail, Ansal is set to invest Rs 3,600 crore in the development of four IT SEZs alongside two IT parks, which will be sprawling across a substantial 270 acres. In parallel, Raheja intends to allocate Rs 4,500 crore for its engineering SEZ, which will encompass an area of approximately 255 acres. Both ambitious projects are slated for completion within a five-year timeframe. "In addition to an equity component of Rs 1,000 crore, the company will raise around Rs 1,500 crore through debt. The remaining Rs 1,100 crore will be funded through internal accruals,” articulated Rakesh Jain, the Executive Director of Marketing at Ansal API. The proposed four SEZs are set to emerge in locations including Greater Noida, Gurgaon, Lucknow, and Khopoli in Maharashtra, while IT parks will be established in Lucknow and Noida, covering 18 and 10 acres, respectively. On another front, Raheja Developers has indicated that its engineering SEZ aims to house facilities catering to light and medium engineering goods exporters, comprising approximately seven million square feet allocated for residential use. "Investors and reputable enterprises from around the world have demonstrated considerable interest in partnering as co-developers and investors in this SEZ,” noted Navin M Raheja, Chairman of Raheja Developers. According to reports from NW18, Ansal API is actively engaging with both domestic and international private equity investors to secure funding of up to Rs 2,500 crore specifically for its SEZs and the two IT parks. Furthermore, the company may contemplate diluting its equity stake in these IT-related developments. "Out of the total Rs 3,600-crore investment in the IT SEZs and parks, the company will inject approximately Rs 1,000 crore, while the rest will come from various investors,” Jain added. Struggling with decreased demand and tight liquidity conditions persists, prompting real estate firms to seek alternative funding routes, with private equity becoming a favored avenue. Notably, back in July, Ansal API had revealed intentions to invest over Rs 900 crore in an engineering-based SEZ located in Murthal, Haryana. Currently, this company holds a land bank amounting to nearly 7,000 acres, spread across various sectors including residential, commercial, integrated townships, retail, SEZs, and IT park projects.