| A S Minocha, advisor to DLF, said that the first phase would be complete by March 2005. DLF today signed an agreement for the proposed IT park. |
| The park would have at least three lakh square feet area in the first phase followed by a second phase adding upto a total of one million square feet. |
| Besides facilities for IT and ITES industries, the park would have support services like banks, ATMs, multiplexes, restaurants and a health centre within the complex. |
| Minocha said, the project would be funded from internal accruals. "We are a cash-rich company and we will borrow money" he said. DLF's turnover was in excess of Rs 1,000 crore. |
| State IT minister, Manabendra Mukherjee said, response from bidders both from outside West Bengal and from within the state was overwhelming and after evaluation of the bids, the DLF group was selected. |
| Minocha said the company would get returns from the project as the space would be rented out. Since the agreement had been signed, DLF could start marketing the project. |
| S K Mitra, managing director of Webel, said nine companies had bid for the project. Mitra said the criterion for selection was not just pricing. CB Richard Ellis (CBRE), the real estate consulting firm, was appointed as consultant for the project |
| On consultation with CBRE, a feasibility report was prepared and prospective developers were shortlisted considering their track record, capability and other parameters. |
| Accordingly, bids were invited by Webel from the shortlisted developers. |
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