The SPV is implementing IT specific SEZs at Noida, Greater Noida, Faridabad and Gurgaon. The Noida SEZ is being developed on 25 acre of land, Greater Noida on 100 acre, Faridabad on 54 acre and Gurgaon on 27 acre of land. In the first phase, the company will develop 6 million sq ft in the four SEZs by 2010. The total area to be developed in the four SEZs is 20 million sq ft.

All four SEZs have got the approval of the government and land has been acquired. The money raised by the SPV will fund the project.

As the government refused to extend the tax benefit for software technology parks after March 31, 2009, IT SEZs have become popular among the export oriented units. The developer of SEZ will receive tax concessions not only on profit, but also on all inputs required for the project.

The deal shows that the real estate story in the country is still shining and the investors are ready to put money, provided the project is at the implementation stage, said a banker. He said if India maintains an 8% growth, it will require huge real estate supply.