We visited the site of Nirlon Ltd, an Industrial Park/ Information Technology Park (IT Park), strategically located at Goregaon, Mumbai. Currently, the Company is developing Nirlon Knowledge Park (NKP), with a chargeable area of ~2mn sqft (23 acres of land) in four phases. Phase I and Phase II have been completed with development of ~1.1mn sqft, and the same has been fully licensed to successful international and local corporates. Phase III will see development of ~400,000 sqft which is estimated to be completed by March’13. Phase IV would comprise of ~ 500,000 sqft which is estimated to be completed by 2014. The total new construction would be approximately 3mn sqft, the balance area being primarily parking, services and amenities. To ensure adequate parking area, the Company has constructed a separate multi-level car park building. All the phases in NKP would be Gold Leed Certified (ready phases already certified).
Phase I: Under phase I, development of ~769,000 sqft of chargeable area was completed in 2009. The Company developed three blocks; B1 – G+7 covering 217,000 sqft, B2 – G+8 covering 259,000 sqft and B3 – G+9 covering 293,000 sqft. All the blocks include 2 levels of basement car parking. Average floor plate is between 30,000 and 40,000 sqft. Currently, IT/ITES occupies the majority (62%) of the area followed by BFSI (31%) and commercial (7%). Gross average rent for Phase I is ~Rs78 per sqft.
Phase II: Under Phase II, the Company has developed one block (G+8) with ~306,000 sqft of chargeable area, completed in 2010. It includes 2 levels of basement car parking. Average floor plate for the blocks is between 30,000 and 40,000 sqft. IT/ITES and BFSI occupies 58% and 41% respectively of the total while the commercial segment occupies 1% in Phase II. Gross average rent for phase II is ~Rs87 per sqft.
Phase III (Proposed development): Under phase III, the Company plans to develop one block (G+15) with ~400,000 sqft of chargeable area, estimated to be complete by Q1/Q2 CY13. The block would consist of 2 levels of basement car parking. Typical floor plate would be approximately 30,000 sqft.
Phase IV (Proposed development): Under phase IV, the Company plans to develop one block (approximately G+12) with ~500,000 sqft. Construction for the same is expected to commence by Q1 CY12. The block would consist of 5 levels of car parking and the typical floor plate would be 45,000 to 50,000 sqft. (divisible into 2)