Tishman Speyer Waverock in Gachibowli - IT firms in state to get essential service status

News Posted - 2010-03-07

The second phase of the Financial District, coming up on 400 acres at Gachibowli, would be a broad-based international business region housing the offices of several corporate firms, airlines and others, according to B.P. Acharya, Metropolitan Commissioner, Hyderabad Metropolitan Development Authority.

Talking to The Hindu after inaugurating the first phase of TSI Business Parks in the IT/ITES SEZ at Nanakramguda here on Monday, he said an international media centre would also be planned in the Financial District’s second phase. He said the economic slowdown had not impacted the IT/ ITES SEZ’s, 25 of which were set up in the State. The first phase of Wave Rock, a state-of-the-art, eco-friendly building, provides for about 7 lakh sq.ft of office space in 10 floors. Tishman Speyer’s managing director and country head- India, Rakesh Sharma, said that around Rs.600 crore was spent on the development of the podium and first phase of the building. An equal amount would be spent in the second phase to develop 18 lakh sq.ft. of office space. He said the company had created an India fund of $ 350 million and around $ 180 million was already committed for Wave Rock and development of infrastructure on a 125-acre site in the second phase of the Financial District. It was also concentrating on others projects in Mumbai, Delhi, Kolkata and Bangalore.

Source: Hindu BL 18.02.10

IT firms in state to get essential service status. Can such actions stop flight of investments from Hyderabad to Bangalore?

The states IT and ITeS sector is all set to be accorded the status of an essential service,with the state government mulling bringing the sector under the Andhra Pradesh Essential Services Maintenance Act,chief minister K Rosaiah said on Saturday.

Addressing industry captains at an interaction,Rosaiah said: We have taken up the issue seriously.We have moved the file to the law department as we need a legislation for IT to be treated as an essential service.It should be finalized shortly.

Presently,the IT industry comes under the Shops and Establishments Act.Once declared an essential service,IT/ITeS firms will be able to function without disruptions even during times of curfews,bandhs and other emergencies.The biggest implication of this will be for employees of IT/ITeS firms,who will no longer be able to stay away from work citing any of these reasons.

Citing the necessity of catering to global clients 24x7 for 365 days a year,the IT industry is understood to have mooted this move after repeated bandhs and violence recently due to the Telangana agitation disrupting operations of several IT/ITeS firms in the state.

Rosaiah also told AP Inc that the state government was giving finishing touches to the new industrial policy and new IT policy that were set to expire in March and April this year,respectively,even as moves were afoot to lower stamp duty and registration charges on property registration to around 5%.

Source: www.exclventures.com7/3/10