mumbai tata realty and infrastructure is set to acquire kumar urban development ltds proposed it special economic zone spread over 28 acres in punes hinjewadi area two persons aware of the development said the deal valued at about rs 200 crore will give tata groups real estate and infrastructure development arm access to total development potential of over 3 million sq ft since kumar urban development has received all requisite approvals for the project both the parties have already finalised and signed term sheet for the transaction and the deal will be concluded in the next few weeks said one of the persons who did not wish to be identified email queries to both tata realty and kumar urban development remained unanswered till late evening on tuesday while transaction adviser cushman wakefield declined to comment on the matter if tata realty decides to continue with the plan of kumar urban development the first phase of the proposed it park will have an estimated total saleable area of about 18 million sq ft the land parcel is close to the rajiv gandhi infotech park that houses development centres of information technology firms such as cognizant tata consultancy services infosys wipro and geometric software the deal assumes significance in the backdrop of increasing interest for commercial properties and improving absorption levels the demand for commercial and office space in pune in the next two years is expected to be primarily led by occupiers in the it and ites and banking financial services and insurance bfsi sectors the contribution of occupiers from it ites and bfsi to the total absorption has seen a continuous uptick over the past few quarters consultants expect the demand for office space from both the sectors to continue till 2019 this will be one of the first investments of tata realty and standard chartered private after the two recently joined hands to coinvest and scout for new development opportunities along with pune the alliance plans to look for opportunities in mumbai bengaluru ncr and hyderabad both partners will be looking to invest together through a projectwise structure with an objective to take the portfolio of these projects public through listing of a real estate investment trust tata realty is also a front runner for acquiring a 30acre land parcel in thane the persons cited earlier said this land parcel is also expected to be used to develop an information technology park pe investments in realty touched 28 billion or rs 18300 crore in the first nine months of 2015 the highest since 2008 this is an increase of 84 in a year signifying the growing confidence of private equity investors in indias real estate sector cw said in a recent report