new delhi royal group of uae and netherlandsbased gtc real estate are in the race to acquire 26 stake in the delhibased raheja groups engineering sez in gurgaon for rs 500 crore it has been learnt that the raheja group may ink the deal with either of the two groups in the next few weeks raheja developers md navin raheja declined to comment on the development but said his company was in talks with some investors to sell equity stake in its sez the 257acre sez project is being valued at rs 4500 crore with the land component accounting for almost half of it according to sources the foreign investor will initially take 26 stake in the sez for around rs 500 crore and may later bring in more funds towards construction cost sources saidthe royal group led by the royal family of abu dhabi is a conglomerate of 30 companies engaged in several sectors such as media real estate trading services construction and technology the other likely investor gtc real estate is a netherlandsbased firm listed on telaviv stock exchange dutchisraeli investment fund the kardan group which holds 643 stake in gtc real estate is mulling the latters merger with itself in an earlier investment in india gtc real estate had reportedly agreed late last year to form an equal joint venture with d s kulkarni developers to develop 250 acre multi services sez at pune gtc had reportedly agreed to invest 96 million into the project in a phased manner raheja developers are a privately held firm with a net worth of rs 1225 crore their engineering sez has recently been notified by the government the total usable area in the sez will be 21 million sqft of which 968 million sqft will be used for industrial purpose an 8 million sqft of space will be utilised for residential purpose while the rest will be used for commercial institutional and educational purposes the sez will be completed in phases with the first phase being completed within 3 years according to raheja developers the company says that it has been approached by several international and national engineering companies for taking space in its sez