Microsoft India has bought 60,000 square metres of land costing Rs 104 crore to set up a world-class technology hub. Microsoft soon to launch tech hub in Noida. This will result to attract more software companies to Noida and the Microsoft facility will be used as an information technology (IT) and information technology-enabled service (ITeS) facility.
According to the sources, the investment by Microsoft would increase employment opportunities. Moreover, the National Capital Region (NCR) and attracts more IT companies to invest in the area.
The land premium is Rs 104 crore of which 40 per cent is to be paid within a month to execute a sale deed and the remaining 60 per cent in eight six monthly instalments within four years, they said.
The project is estimated to complete in the next five years. The Uttar Pradesh government, on July 2020, had announced to roll out the red carpet for software giant Microsoft to set up a world-class technology hub in Noida. The agreement with Microsoft India was concluded in Lucknow in July last year.
In the upcoming three-four years, the strength of the Microsoft campus would reach its maximum potential of 4,000, making it the second-largest tech hub of Microsoft in India. The company already has two hubs in Hyderabad and Bengaluru with a strength of 5,000 and 2,000, respectively.
With Microsoft coming into the fold, Noida and Greater Noida will become a major destination for electronics and IT in the country, as TCS is also putting up a campus in the area. Tech giant Wipro already has a campus there.
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The UP government has also planned to set up an electronic city near the upcoming Jewar international airport. On the sides of Yamuna Expressway that connects Greater Noida and Agra.
Other Investments
In February, Ingka Centres, part of the Ingka Group that includes IKEA Retail and Ingka Investments. It also announced its plans to invest close to Rs 5,500 crore for a shopping mall spread over a 48,000 square meter plot in Noida. The Noida Authority has already allotted land for the project and received Rs 850 crore from IKEA.
Moreover, Greater Noida Industrial Development Authority allotted six acres in Techzone 4 to a Japanese firm, NTT India, to set up a data center of 70 MW capacity. The Stamps and Registration Department received close to Rs 100 crore by way of stamp duty from IKEA.
Microsoft soon to launch tech hub in Noida. This is expected to turn the area into an attractive data center hub due to the availability of infrastructure. Also, help the business get decentralized from traditional Mumbai and Chennai strongholds. It is also expected to boost real estate markets in the region.
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