Shakuntalam Landcraft, a real estate developer, proposes to invest Rs 1,500 crore in developing an industrial park on a property that originally housed South Korean automaker Daewoo Motors' production unit in Surajpur, Greater Noida, near here.

According to a top company executive, the industrial park would host more than 600 micro, small, and medium enterprises (MSMEs), which would generate an estimated 25,000 direct and indirect jobs in the area.

Talking with PTI, Shakuntalam Landcraft Director Pallavi Gupta said, "We have bought 204 acres of industrial land in Surajpur, Greater Noida in an auction for about Rs 359 crore. We have planned to develop it as a gold-rated industrial park to house around 600 MSMEs at a total investment of about Rs 1,500 crore.

She said that it will take two years to develop the industrial park which would have facilities like cemented roads, under-ground electricity distribution, gated campus, CCTV surveillance, round-the-clock security and other maintenance facilities.