On 26 June 2007, Maharashtra
Industrial Development Corporation (MIDC) signed a memorandum of understanding
with New York-based realty firm Vorando Reality Trust to develop an integrated
township for software professionals working in information technology parks at Hinjewadi near Pune.
A special purpose -
Vorandeo-Hinjewadi Township Pvt Ltd - is implemented to execute the project.
Voreando will invest $200 million on the township, which will be developed over
the next five years.