The SEZ, for which the Centre gave the approval on Thursday, will be the first to be launched by the Bangalore-based real estate developer which is also looking at starting similar ventures in Mysore, Chennai, Hyderabad Kochi etc.

The Mangalore SEZ, for which land has been alloted at Ganjimutt area, will also be available for commercial ventures such as serviced apartments, hotels etc as per the SEZ rules.

Speaking to Deccan Herald following the approval by the inter-ministerial meeting of the board of approval, Brigade Enterprises CFO Anil Kumar said work on the project would start in a couple of months and will be completed in two years.

“We are looking at all the potential IT companies which are interested in investing in Mangalore. We are planning to build serviced apartments, food courts etc to make the venture viable,” he added. The project has 2.1 million square feet of area, that can be used for development.

Kumar said Brigade Group was looking at developing a 25-acre plot for IT SEZ at Mysore. “So far our focus had been on Bangalore and Mysore. Now we are open for investments outside Karnataka too, in other south Indian cities,” he said.

Taking advantage of the real estate boom, the Group has launched, in the last couple of years, residential and commercial projects worth over Rs 4000 crore in Bangalore and Mysore.

The Group, with over 65 properties in residential, commercial and hospitality sectors, is developing two integrated lifestyle enclaves, 12 residential and two hospitality properties in Karnataka. The upcoming projects include four integrated lifestyle enclaves, 14 residential properties, nine commercial properties and five hospitality properties, aggregating to about 22.37 million sq ft of saleable area. It is also developing The Sheraton Bangalore Hotel, the Banyan Tree Resort and the Angsana Resort at Chikmagalur.