CHENNAI: DLF, leading real estate developer, will invest Rs 5,000 crore to develop an IT park, sprawling over 6.8 million square feet (sq ft) in Chennai.
Foundation stone for the project was laid at Taramani locality on Thursday by Tamil Nadu Chief Minister Edappadi Palaniswami. With this project, Chennai has become the second largest market for DLF after Gurugram. The project will also play a key role in expanding the company’s portfolio of rental yielding properties.
The project, a joint venture of DLF with Tamil Nadu Industrial Development Corporation (TIDCO), will be completed in a phase manner. In first phase, the company will commence construction of 2.5 million sq ft. "It is expected to finish the project on a fast-track basis. DLF has always been at the forefront of creating futuristic sustainable work spaces by amalgamating design, architecture and technology. DLF Downtown will set a global benchmark in these areas," said Mohit Gujral, CEO, DLF.
The project, to be completed in the next 5-6 years, will help in generating 70,000 direct and 6,000 ancillary employment opportunities once it becomes operational fully.
"Chennai continues to strengthen its position as an IT/ITeS hub with increasing investment commitment from global companies, making it the second largest market after Gurugram," said DLF MD (rental business) Sriram Khattar. Khattar said it is the fourth project of the company in Chennai. With the latest project, DLF will now have a 14 million sq ft of commercial space in the city.”
Our current annual rental revenue from DLF Cybercity Chennai is approximately Rs 500 crores, once first phase of DLF Downtown is completed and operational, our stabilised rental income from Chennai will be a substantial amount,” added Khattar.
Khattar said the company plans to take the national commercial portfolio to over 50 million sq ft. “The company has identified a development pipeline of 20 million sq ft and a construction of 5.5 million sq ft is underway. This will augment our existing 32 million sq ft rental portfolio of office and we plan to take the national portfolio to over 50 million sq ft,” said Khattar.
Project to be completed in 5-6 years
The project, to be completed in the next 5-6 years, will help in generating 70,000 direct and 6,000 ancillary job opportunities