"We are going with the willing partnership of the farmers by paying them competitive prices for their lands. Incase the farmers are still reluctant to sell their lands, we have an option where the landowner can give his land on lease and in return can expect an income of around Rs 2-5 lakh per month, which is much higher in comparison to what a farmer would normally earn on an equal stretch of land," Raheja clarified.

When asked to comment on the amount of pressure, the growing number of SEZs will put on the limited agricultural land, Mr Raheja asserted that it is not SEZs, but low productivity of agricultural produce, that is an obstacle in the country's pursuit of producing sufficient food grains.

Raheja, elaborating on their SEZ project, said, the first phase of the project that involves the notified 255-acre would be completed over the next 3-5 years. The company plans to increase the size of SEZ project and is in talks with landowners.

He said the expression of interest from the companies has been sought and deadline for submitting the same is September-end.

When asked if the recent hike in interest rates by the banks could dampen the prospects in the housing sector, Mr Raheja said, "Bank rates have adversely affected the real estate business."