Tishman Speyer unveils second phase of its first property in India

Hyderabad, July 16 (IANS) Tishman Speyer, which built many landmark buildings across the world, has unveiled the second phase of its flagship property here and plans investment in other cities in India.

One of the world's leading developers of real estate, Tishman Tuesday inaugurated the second phase of WaveRock, an Information Technology park. It also plans to launch soon work on the second project in this bustling IT hub.

The US-based company is making an overall investment of Rs.1050 crore in the WaveRock, which has come up in the IT/ITES Special Economic Zone (SEZ) of Gachibowli.

Telangana Chief Minister K. Chandrashekar Rao inaugurated the second phase and also launched third phase of Tishman's first property in India in the presence of Jerry Speyer, chairman and co-chief executive officer, Tishman Speyer.

The second phase has been developed with an investment of around Rs.200 crore. The 17-storied building has added seven lakh square feet of international standard IT work space. Global companies like DuPont and Capgemini have taken up space in the new building. Once completed, total area of Waverock will be over two million sq. ft and it will house 23,000 employees.

Rao assured all help from the state government to to develop Techno City at Tellapur, also on the city outskirts.

Jerry later told reporters that they hope to start soon work on the Techno City, which will be a mixed-use project, for which ICICI Ventures will be the partner. He said the proposed project would be bigger than WaveRock.

Coming up on 400 acres, Techno City will be an integrated green city development project under public private partnership with government of Telangana and Hyderabad Metropolitan Development Authority (HMDA). It will encompass mixed-use development, including residential, commercial, IT offices, retail, hospitality, healthcare and civic amenities.

Jerry said they were very optimistic with the change that came in India over last 60 days and heartened by the good work done by the prime minister. He also hailed Telangana chief minister's statement that approval of projects will be expedited. "The rest of the world is looking at India with different eyes," he said.

Tishman was looking at all large cities in India for investment. "We always invest in places where we can do more than one project," he said.

"We have larger appetite for investing. It will be a substantial investment," he said while declining to give a number for the investments Tishmen plans to make in India.

Tishman Speyer, Co-developer of the project, operates over 358 projects totalling over 123 million sq. ft. with a portfolio of $66.8 Billion in 11 countries spanning four continents.

The developer of many landmark buildings in the United States, Latin America and Europe, is also active in China having developed 20 projects. Its 17 projects are currently underway in Brazil.