Berggruen Holdings has acquired a 2.25 acre parcel of land within a fully operational IT/ITES Special Economic Zone (SEZ) in Coimbatore.
It has become a co-developer and can develop residential apartments within the SEZ – the co-developer status accords tax benefits, i.e. there is no income tax on the revenue, no dividend distribution tax and is eligible to various indirect tax benefits for the entire development.
The proposed development has an approved FAR of 1.8 resulting in over 175,000 sqft of residential development within the SEZ.
The Project is in a strategic location, 10 kms from the main city and 12 kms from the Airport. It is in the vicinity of large IT development where major IT companies are located.