Gujarat may have missed the IT/ITES bus earlier, but the two upcoming IT/ITES special economic zones by K Raheja Corp and DLF are all set to drive the growth of the industry here. As many as 50 companies are likely to set up shops in the two parks coming up in Gandhinagar.

"Leading IT players like IBM, Oracle, Syntel, Accenture, Patni Computers and CSC are exploring the state for setting up their operations in the SEZ area, according to sources in state government.

We are aiming to draw companies like GE, IBM, Cognizant, Genpact, Mphasis and Symantec who have been our clients," said an official of DLF on conditions of anonymity.

Apart from software companies, financial institutions and banks like HSBC, Morgan Stanley, JP Morgan Chase, Citibank, Otis, Meryll Lynch, Deutsche Bank, HCFC, Countrywide, many of which are clients of K Raheja Corp, are also looking at the state for setting up their operations, said sources close to the development.

K Raheja Corp's Mindspace IT SEZ is coming up in a sprawling space of over 97 acres at Koba near Gandhinagar for an estimated investment of Rs 1200-1500 crore (Rs 12-15 billion). The phase one of the project will be completed early next year and space will be available for possession from January onwards.

"The real estate prices in Ahmedabad are very attractive as compared to other IT destinations in the country. Besides, DLF and Raheja have been allotted land by the state government at very nominal prices so they can lease it out at a much more competitive price. This will also give a huge boost to the export rate of the state, which has been growing at over 50 per cent CAGR for the past three to four years," said government sources.

An official of Raheja said they have been in talks with various companies however he refused to divulge names. DLF is setting up Rs 850-crore (Rs 8.5 billion) SEZ in Gujarat which will come up over 25 acres at Gandhinagar near Infocity. "A few multinationals are evaluating the state and conducting studies. However, it will take about 6-8 months before they can make a decision to move in," said Amit Grover VP-corporate marketing. DLF will also offer space of even 5,000 sq ft for lease to accomodate local players including even entrepreneurs, he added.

Although there are close to a dozen IT SEZs coming up in Gujarat, Raheja would be the first to commence operations commercially followed by DLF looking at the work done currently, government sources added.