Pune-based real estate and EPC player, Vascon Engineers will develop five blocks in Adani’s township, Shantigram. Costing Rs. 132 crore, the five blocks including 2 BHK and 3 BHK, are expected to be ready in next 20 months.
Vascon engineers, which has earlier announced setting up IT SEZ in Ahmedabad for which it has bought land at Santhal, near the city’s Sardar Patel Ring Road, may withdraw from project. As of now, company has not taken any decision whether to construct or withdraw since May 2008 when company bought the land.
“Right now, we are keener on Shantigram project as we have got deadline to finish it early. We will make the structure of the building and probably we may also do finishing of the structure, if asked. We are expecting to make the five blocks of Shantigram in next 20 months,” said an official of vascon engineers.
Talking about IT SEZ, the official said that the demand for space in IT SEZ has declined. “So far, we have not yet withdrawn the IT SEZ but if we do not see any further demand of space in IT SEZ, there are possibilities of making exit from IT SEZ in Ahmedabad.” He said.
By developing residential blocks at Shantigram township, Vascon Engineers is making entry in Gujarat, said official. “ We are also looking for some more real estate project in Ahmedabad and other cities of Gujarat,” said official.
The IT SEZ, which company had planned in Ahmedabad was named as Vtech ITZ, located at Santhal. Vtech ITZ was to be developed in collaboration with Ahmedabad-based Agarwal Estate Organizers Ltd. The project was costing around Rs. 350 crore, spread in across 26 acres. Now, the future of the SEZ seems to be bleak.