Singapore sovereign fund GIC-backed realty developer DLF plans to invest Rs 5,000 crore to develop a 6.8 million-square-foot information technology park in Chennai, making it the second largest market after Gurugram.
DLF Downtown Taramani is a joint venture with Tamil Nadu Industrial Development Corporation (TIDCO), spread over 27 acres. The proposed development, along with DLF’s 7 million-square-foot IT park at Manapakkam, will take the company’s commercial portfolio in Chennai to about 14 million square feet.
Currently, India’s largest realty developer’s office portfolio includes over 32 million square feet of commercial, IT and special economic zone (SEZ) in Delhi-NCR, Chennai, Hyderabad, Kolkata and Chandigarh. is. Gurugram.
DLF CyberCity in Chennai has been the largest IT SEZ in Tamil Nadu for the last 15 years.
“Tamil Nadu has always been the destination of choice for corporates and MNCs due to its talent pool and favorable business environment. We are investing Rs. 5000 crore in our fourth project – DLF Downtown, Chennai for the development of Taramani,” said Mohit Gujral. , Chief Executive Officer, DLF.
The company will begin construction of a 2.5 million-square-foot build-up area in the first phase and will be completed by mid-2021. The entire development is expected to be completed in 6 years. The new project is expected to add an additional 70,000 direct and 6,000 assisted employment opportunities after implementation.
The company is also looking to expand its commercial portfolio in Chennai and other cities.
“We have identified a 20 million sq ft development pipeline across India and a 5.5 million sq ft construction. – Eddie Shr Ram said Catherine.
