Mumbai Dec 18 PTI Tata group firm Tata Realty and Infrastructure Ltd on Saturday announced an investment of Rs 5000 crore to develop a premium IT park project in Navi Mumbai as it expects demand for office and data centre spaces to rise in coming years In an interview with PTI Tata Realty and Infrastructure Ltd Managing Director MD and Chief Executive Officer CEO Sanjay Dutt said the company will develop 7 million square feet of area in this Grade-A IT park project Intellion Park in a phased manner over the next eight years He said the company will develop this project in partnership with UK-based investment firm Actis We have 471 acre of land located in Ghansoli Navi Mumbai On this land parcel we are doing 7 million square feet of development predominantly IT space and data centres with some complementary retail and non-IT office space Dutt told PTI The total investment on this project is Rs 5000 crore This is Tata Realtys largest single investment in office real estate he highlighted Once completed Dutt said more than 70000 people will work in this IT campus Actis has been roped in as investment partner in this project This is the third such partnership with Actis Tata Realty is a majority shareholder in this IT park project Dutt said but did not disclose the amount invested by the Actis group The total investment will be funded through equity and debt The construction work has started in the IT park project Maharashtra Industries Minister Subhash Desai laid the foundation of the project on Saturday In the first phase Dutt said the company is developing 5 lakh square feet 05 million square feet building The company has already started pre-leasing process of this 5 lakh square feet area The Navi Mumbai area commands a monthly rental of Rs 60-70 per square feetAround 2-3 million square feet office space gets leased in this area We are already in the market to pre-lease 5 lakh square feet or even more We can built to suit for corporates We are in discussion for development of data centres he said Tata Realty has involved reputed architects and consultants to design this IT park project Dutt said Asked about its existing portfolio he said Tata Realty currently has a rent-yielding commercial assets of 7 million square feet and almost all of these are office assets He highlighted that the company focuses a lot on sustainability environment and well being of employees We build for people and not for tenant So we focus on air quality sports recreational activities and healthy food in our campuses Dutt said Tata Realty he said gives a lot of emphasis on asset management to make office space efficient as well as cost effective Our buildings are intelligent collaborative and dynamic We keep modernising Dutt said the occupancy in its total portfolio currently stands at around 95 per cent Commenting on the partnership Ashish Singh Partner Actis India said Actis is proud to be associated with this state-of-the-art project which will not only provide an office destination of choice for tech companies to thrive in but also be a buzzing social place for their talent strengthening these companies ability to attract and retain top quality talent an increasingly important competitive advantage Tata Realty and Infrastructure Ltd which is a 100 per cent subsidiary of Tata Sons has an extensive portfolio of over 50 projects across 15 cities Tata Realty has developed over 15 million square feet of commercial projects and has around 12 million square feet of projects under development planning PTI MJH MR MR