Tishman Speyer India (TSI) Pvt Ltd, a real estate development company, has commenced the first phase of construction Waverock IT park at Nanakramguda in Hyderabad. TSI has made a capital investment of Rs 600 crore in the first phase of the project. The second phase of the construction project is expected to commence in 2011, when the property developer will invest an additional capital of Rs 700 crore. The park, to be developed over a 10-acre plot, will be jointly constructed by TSI and ICICI Ventures. The second phase of construction alone will occupy a built-up space of 1.65 million square feet. According to the latest reports, 80 per cent of the space has already been booked by giant firms such as TCS and Accenture. After the completion of its first phase, the IT park will accommodate around 7,000 people and this number will shoot to 25,000 personnel upon completion. |
