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Trikona To Create 76-Acre Mixed-Use Park

GREATER NODIA, INDIA-Indian government approves Special Economic Zone status near Delhi for the development, conferring extensive tax benefits.

By Michelle Deakin | Updated on January 28, 2008

GREATER NODIA, INDIA-Trikona Capital has won approval to create a Special Economic Zone near Delhi, India, to develop a 76-acre mixed-use development. Trikona Capital has already invested $56 million in the Tech Oasis project, which will include 10 million sf of IT, residential and commercial space.

The creation of the SEZ is a boon to Trikona Capital, a fund management firm for institutional investment in Indian real estate and infrastructure assets. “For all practical purposes, [an SEZ] is considered a foreign territory, so we will not pay taxes there,” Aashish Kalra, managing director of Trikona Capital, tells GlobeSt.com, noting that the tax benefit extends to imported materials as well as income derived from rent. “The whole thing has been set up in essence to promote exports.”

Tech Oasis is the second SEZ that Trikona owns in the Delhi area. The first is the Luxor Cyber City, an 8.2-million-sf, 67-acre IT development, which it owns in partnership with a local Indian developer. Trikona owns 100% of the Tech Oasis project.

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