Raheja Developers, a noted real estate firm, plans to channel an investment around Rs 4,500 crore into the development of a comprehensive engineering Special Economic Zone (SEZ) in Gurgaon. The ambitious project is projected to boost employment by generating opportunities for approximately 50,000 individuals, fostering direct and indirect job roles.
The SEZ's Economic Impact
Expected to contribute significantly to the local economy, the project could generate substantial annual exports worth Rs 1,000 crore. Navin M Raheja, Chairman of Raheja Developers, calls this 255-acre development the first notified engineering SEZ in Northern India. He comments, "The project's development costs will reach about Rs 4,500 crore."
Funding for the investment will be a mix of debt, equity, and internal accruals, sharing that they are also exploring strategic investors for further support.
Land Acquisition Process
Regarding the acquisition of land for the project, Raheja reveals that approximately 60% of the total required acreage has been procured. The company is in partnership with landowners for the remaining 40%, opting for a consensual approach, compensating farmers at competitive market rates for their land.
A novel offer extended to farmers wary of selling their land includes a lease arrangement that promises a monthly income between Rs 2 and 5 lakh. This is a significant uplift compared to traditional agricultural earnings from an equivalent land area.
Addressing Agricultural Land Pressures
Responding to concerns about the strain the SEZs may have on limited agricultural land, Raheja posits that the real issue is the low productivity of agricultural output, impeding the country's food grain production goals.
Expansion Plans
The initial phase, covering the 255-acre notified area, is set for realization over the ensuing 3-5 years. Aiming for a larger scale, the firm is initiating discussions with landowners to expand the SEZ's dimensions.