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Global real estate developer, owner and operator Tishman Speyer has entered into a strategic alliance with listed realty developer Ganesh Housing Corporation (GHCL) to jointly develop a Special Economic Zone (SEZ) project in Ahmedabad.
Currently, Ganesh Housing has around 64 acres earmarked for SEZ development at a prime location behind Nirma University in the city. The first phase of the SEZ, which will be jointly developed by Tishman and GHCL, will be of around 1.2 mn sq ft of gross leasable area. The SEZ has a potential development of around 12 mn sq ft divided into processing and non-processing area.
“We are pleased to partner with a global leader to help us build sustainable and world class projects for all our clients. We look forward for a long-term collaboration to meet the values and expectations of our customers in future as well,” said Shekhar G. Patel, Managing Director, GHCL.
GHCL and Tishman Speyer have agreed to collaborate for the development, leasing and property management of the SEZ project in a phased manner. Tishman will facilitate the implementation of international best practices, advice on appropriate benchmarking, monitoring project progress and quality assurance.
“We are delighted to enter Ahmedabad, a new market for us that offers growth potential, with a strong partner in Ganesh Housing,” said Parvesh Sharma, MD & Country Head - India, Tishman Speyer.
“This is a landmark partnership and a testimony to Gujarat's emerging as one of the key talent hubs in the country today,” said Saurabh Shatdal, MD-land & capital markets, India at Cushman & Wakefield that has facilitated this alliance. “The government’s continued impetus on revamping SEZs and the proposed new IT policy of Gujarat will only add to this development. This comes at a time when GIFT City is attracting key global tenants and emerging as a hub for international business.”
The partnership assumes significance as this is one of the first such alliances for Ahmedabad property market even as global institutional investors and development entities have been investing and executing projects in tier I cities. This development will allow occupiers to cater to the growing migrant urban population of Ahmedabad by creating a world class campus for information technology in the city.
