PE fund & Developer IREO building Rs 3,000 crore IT SEZ in Gurgaon


Private equity fund and developer IREO is building an 11 million sq ft IT SEZ on 67 acres of land in Gurgaon’s Golf Course Extension Road area at a cost of Rs 3,000 crore over the next 5-7 years. In the first phase, it has started construction of a 1.2 million sq ft building that will be completed in just 12-15 months at a cost of Rs 300 crore. IREO claims these buildings will be 100% earthquake proof because of the base isolation technology being used in which the building’s foundation will slide in case of an earthquake ensuring that it remains usable even after a strong tremor.

To finish the building in 12-15 months, IREO is setting up a plant on site to manufacture pre-casted walls, which will have insulation sandwiched between two layers to provide permanent protection. Using these technologies, however, will make the buildings almost 30% more expensive to build compared with normal buildings, said Ramesh Sanka, chief executive officer of IREO.

“But with the technology being used, each of the floor plates will have 30% more usable space.” For its first building at the campus, the company has tied up for 100% solar power with a 9 MW third-party dedicated solar farm spread over 40 acres in Haryana. The building will also have 600 KW rooftop solar panels. “We will be connected to the grid but only solar power will be used for these office buildings,” he said. “More solar power will be tied in for the other buildings in future.”

IREO intends to make these buildings a technologically advanced with sensors in escalators, LED lights, a high tension chiller to save on power, a double glass facade, air filters, escalators along with elevators and 100% rain water harvesting. It will also not use cooling towers for the air conditioning instead using geothermal cooling .Since this will be a 100% earthquake proof building, Sanka said it will open up new business opportunities from data centre businesses.

“So far, such data centre businesses in India have only made base in south India as north Indian cities in seismic zone 4 were not well suited. We can cater to those businesses in this campus,” he said.

Source: ET Realty

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