Nov 01, 2012, 10.43 PM | Source: PTI
Realty firm RPS Group today said it will invest Rs 600 crore over the next three years to develop an IT and Business Park at Faridabad in Haryana.
The project 'RPS Infinia', spread over 7.5 acres of land, would have a built up area of one million sq ft. The company would develop 240 executive business suites in this IT Park. "We are launching a 10 lakh square feet IT and Business Park in Faridabad. We will sell as well lease the office space. The project cost is Rs 600 crore, which include Rs 250 crore investment on acquiring land," RPS Group CEO Pradeep Seth told reporters here.
The investment would be funded through internal accruals and debt, he said.
Seth said the construction work has already started and, expects the first phase to get completed by 2014-end and the entire project by 2015.
"The IT/ITeS companies will come to Faridabad because of low rentals compared with Gurgaon and Noida and improved connectivity with Delhi," he observed.
Faridabad-based RPS Group is currently developing 70-acre housing project in the city comprising more than 3,000 flats.