Pune-based real estate companies, the Avinash Bhosale group and Kumar Properties, have joined hands to set up a Rs 1,400-crore Township in the third phase of Rajiv Gandhi Infotech Park in Hinjewadi here. The project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.

Pegasus Properties, a 50:50 joint venture floated by the two firms, would develop the project over the next five years. Spread over 150 acres, the township will have all 21-storied buildings.

“Of the total 150 acres, only 20 per cent of the space would be used for construction. We will develop gardens and various other amenities on the remaining land,” Kumar Properties director Manish Jain told reporters. The township will also have special towers for old-age homes.

The first phase of the project would be ready by April 2010 while the entire project is expected to be completed by 2013. The project is coming up under the new township policy enacted by the Maharashtra government.

“We want to promote the walk-to-work culture as most of the prominent IT firms like Wipro, TCS, Infosys, Tech Mahindra are close to this project. We have also created vehicle-free zones within the township,” said Amit Bhosale, director, Pegasus Properties.

Singapore-based RSP architects and Belt Collins International is the architect and landscape designer respectively for this project.