Mumbai-based Hiranandani Group, a leading real estate developer, has announced the setting up of a 250-acre multi-services special economic zone (SEZ) on the outskirts of Hyderabad, in association with city-based Lahari Infrastructure Limited, as a 50:50 joint venture.

Speaking in connection with the laying of foundation stone for the project, Surendra Hiranandani, founder of Hiranandani group, said, they would be investing about Rs 750 crore (Rs 7.5 billion) in the first phase, which is being conceived as a walk-to-work facility for companies engaged in various service segments including IT, and research and development.

The total equity in the project is pegged at Rs 300 crore (Rs 3 billion).

The JV envisages as much as Rs 12,000 crore (Rs 120 billion) investments going into the project in the course of the next 12-14 years.

Christened 'Hiranandani Upscale', the project is Hiranandani group's first real estate foray in Andhra and is also the first multi-services SEZ in the state.

"As the name Upscale symbolises, our development will upscale the expectations and lifestyle, elevating the city's expectations and needs," Hiranandani said.

The first building in the SEZ is proposed to be ready in one year from now.