Engineering and construction major Larsen & Toubro and Chennai-based realty firm Arun Excello will jointly develop an IT SEZ over 27 acres of land within Estancia, an integrated township being planned at Vallancheri on GST Road in south Chennai. The project will involve an outlay of Rs 1,500 crore (Rs 15 billion).

While announcing the launch of Estancia three months ago, the promoters had said they would earmark about Rs 600 crore to develop an IT park inside Estancia.

The project envisages an IT SEZ spread over 2.70 million sft of space to house IT and ITeS companies. The built-up area of 2.70 million sft will be spread over eight blocks, each ranging from 2.50 lakh sft to 4.50 lakh sft and will be completed in two phases, according to a company release.

The phase 1 of the project will consist of a signature tower of 3.30 lakh sft and two built-to-suit blocks of 4.50 lakh sft each along with the common infrastructure.

The construction will commence next month.

"Estancia IT SEZ is an approved SEZ and has been notified for authorised SEZ operations," said P Suresh, managing director, Arun Excello.

To enable close proximity to the workplace, Estancia has drawn up plans to co-locate the SEZ with a residential zone, school, a commercial and retail space.

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