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Tata Realty and Infrastructure Limited plans to invest Rs 5,000 crore to develop a premium IT park in Navi Mumbai, as the city expects a rise in demand for office spaces and data centers. Managing Director and Chief Executive Officer of Tata Realty and Infrastructure, Sanjay Dutt, told the media that the company would develop a Grade- IT park, Intellion Park, across a 7 million sq ft area in a phased manner within the next eight years. He said that the company would partner with a UK-based investment firm, Actis, for this project. He added that Ghansoli in Navi Mumbai has 47.1 acres of land owned by the company. The company will use 7 million sq ft of this land parcel for developing IT space and data centers, with retail and non-IT office space. It is the single largest investment of Tata Realty in office space worth Rs 5,000 crore. The total investment for the IT project will be funded via equity and debt. The construction works have already started in the IT park project. On Saturday, the Minister of Maharashtra Industries, Subhash Desai, laid the foundation stone of the IT park project. During the first phase of development, the company will develop a 5 lakh sq ft building, and the pre-leasing process for the building has already started. Dutt said that the company had introduced reputed architects and consultants to design the project. The company focuses on sustainability, environment and well-being of the employees. It also focuses on asset management to make the office space cost-efficient and cost-effective. Actis India said that this IT park project would be a major tech company. It will attract and retain best-quality talent and an increasingly important competitive advantage. Tata Realty and Infrastructure is a wholly-owned subsidiary of Tata Sons, with a portfolio of more than 50 projects in 15 cities. Image Source Also read: Tata Realty to grow commercial realty portfolio before rolling out REIT