 "DLF's Infopark project to start commercial ops in December")
DLF has readied the first phase of the project that offers 0.5 million sq ft of built-up office space to firms in IT and ITes (IT enabled services) sectors. The real estate player has invested Rs 150 crore in the first phase while the overall cost of developing the Infopark project is pegged at Rs 1000 crore.
"We have all approvals in place for the first phase of the project. By the end of 2015, we expect commercial operations to start from the facility. We believe occupancy to pick up after the Puja festivities and expect that by Diwali, 100,000 sq ft will be occupied, We are conducting roadshows in overseas locations to draw our clients to Bhubaneswar", said a company source.
In a communication with the state government in July this year, DLF said its first high rise 12-storied building with over 550,000 sq ft office space is virtually complete. It had entered into agreement for nearly 300 units with reputed companies and handing over of space is under commencement.
DLF had replied to the notice by state owned agency for land acquisition and infrastructure development- Odisha Industrial Infrastructure Development Corporation (Idco). Idco in May this year, had warned of stringent action against DLF for keeping a large chunk of land idle meant for developing its Rs 1000-crore Infopark project. Of the 54 acres allotted to DLF for the project, only seven acres have been utilised till date, pointed out Idco.
The private developer, however shot back, flaying Idco for its failure in the latter's commitment to facilitate all approvals which has led to delayed construction. It also blamed the state run agency for not providing marketing support as provided in the lease cum development agreement signed between Idco and DLF.
The DLF Infopark project which was to be developed in three phases, was to consist of an IT block, a luxury hotel, a retail chain, service apartments and recreational facilities with a total built-up space of about 5.5 million sq ft.
The Infopark project was to generate direct and indirect employment opportunities for over 40,000 people in sectors like IT and ITes (IT enabled services), retail and hospitality.
