Ahmedabad-based realty developer Calica Construction and Impex Pvt Ltd has launched an Information Technology (IT) and IT enabled Services special economic zone (SEZ) ‘Third Eye Voice’ worth Rs 650 crore at Ahmedabad.

The SEZ will take place at the outer region of the city in over 20 acres of land and would house small as well as medium sized IT companies.

In a statement, the developer said that the first segment of the project will be completed within two years with initial investment of Rs 300 crore.

During the launch ceremony, director of Calica Construction & Impex Pvt Ltd, Mr. Bipin Shah said, “As many as 40-45 companies have shown interest in setting up their business in our SEZ. We plan to come up with 10 buildings on an area of 36 lakh sq ft to accommodate the IT companies.”

He added, “While nine of the buildings are 10-storeyed, we have designed a 200 meter high 50-storey building, which may become one of the tallest buildings of Gujarat if we get the necessary permissions. We have already applied for the requisite permissions and are awaiting approvals.”

The company has considered banks as a major source of finance for the first phase of their project. The company will go for an IPO during the second phase.

Mr. Shah said, “We are investing Rs 300 crore for phase I, for which banks will be our major source of finance. For phase II, we are planning an IPO, in order to raise Rs 350 crore for the project.”