A FET structure including epitaxial source and drain regions includes large contact areas and exhibits both low resistivity and low parasitic gate to source/drain capacitance. The source and drain regions are laterally etched to provide recesses for accommodating low-k dielectric material without compromising the contact area between the source/drain regions and their associated contacts. A high-k dielectric layer is provided between the raised source/drain regions and a gate conductor as well as between the gate conductor and a substrate, such as an ETSOI or PDSOI substrate. The structure is usable in electronic devices such as MOSFET devices.