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Chennai, Jul 19 (UNI) Larson and Toubro and Arun Excello will jointly develop 'Estanica-IT-SEZ', an IT park, at the cost of Rs 1,500 crore in GST road near here.

Announcing the launch of the project today, L&T Executive Vice President K Venkatesh said "the total built up area of 2.70 million sq. ft. of the project will be spread over eight blocks, each ranging from 2.5 lakh sq.ft. to 4.50 lakh sq.ft. and will be completed in two phases".

The first phase of this project will consist of a 'Signature tower' of 3.30 lakh sq.ft. and two built to suit blocks of 4.50 lakh sq.ft. each along with the common infrastructure such as approach roads, lighting drainage, he added.

He said the IT buildings will have world class specifications including certralised air conditioning, one hundred per cent power back up, high floor loading capacity, floor to ceiling height of 3.9 meters and adequate basement and poduim car parking.

"Estancia IT-SEZ will be expented from payment of service tax on the lease rentals", he said adding "the IT companies will also not be required to pay the Minimum Alternative Tax (MAT)", he said.

UNI