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DLF to invest 500 cr in Chennai IT park
Our Cyber Park in Chennai is fully leased to high quality tenants. We have now commenced construction of about 1.6 million sft and will bring the best tenant and employee experience in Chennai,” DLF Chief Executive Officer (rental business) Sriram Khattar said. The company has an IT SEZ in Chennai, comprising 5.7 million sft of area. “About four lakh sft of space has been pre-leased,” Khattar said
New Delhi: Realty major DLF will invest about Rs 500 crore to develop an IT Park in Chennai as the commercial real estate market has picked up in major cities. The country’s largest realty firm has exhausted its commercial space stock by leasing out over 32 million sft. It expects to earn about Rs 2,700 crore rental income in the current fiscal from its portfolio.
Our Cyber Park in Chennai is fully leased to high quality tenants. We have now commenced construction of about 1.6 million sft and will bring the best tenant and employee experience in Chennai,” DLF Chief Executive Officer (rental business) Sriram Khattar said. The company has an IT SEZ in Chennai, comprising 5.7 million sft of area. “About four lakh sft of space has been pre-leased,” Khattar said, adding that two towers out of three would be completed by the middle of next year.
The construction work is being done by Malaysian firm Eversendai. The IT park would have sports, entertainment and food and beverages (F&B) hub in the central pavilion. DLF had last year started construction of an office complex in Gurgaon comprising over two million sft at a cost of about Rs 900 crore. Unlike the housing sector which is having sluggish sales, the leasing of office space has picked up in the seven major cities of the country. On the office market, DLF said that the current uptick on rentals continues, but new leasing momentum had been impacted as it had virtually nil inventory at most places.
