DLF, a reputed real estate player, is planning to develop a 6.8 million square feet Information Technology (IT) park in Chennai. For this project, the developer is investing Rs. 5,000 crore and is backed by GIC, a Singapore sovereign fund. With this proposed development, the group is aiming at making the South India city as its second largest market after Gurugram.
The project, DLF Downtown Taramani is a joint venture with TIDCO (TamilNadu Industrial Development Corporation) and spreads over 27 acres of land. With the announcement of the proposed 7 million square feet park at Manapakkam, Chennai, the commercial portfolio of the group will increase to 14 million square feet approximately in the city. DLF enjoys strong position in Chennai from over a decade and DLF Cybercity in Manapakkam, Chennai being the largest IT Special Economic Zone in Tamil Nadu.
Mohit Gujral, CEO of DLF remarked, “Tamil Nadu is the preferred destination for MNCs and Corporate due to its favourable business environment and talent pool. We have taken a decision to invest Rs. 5, 000 crore in different phases in DLF Downtown, Taramani in Chennai”. The company will initially built 2.5 million square feet of built-up area in the first phase and expected to finish by mid 2021. The entire project will be completed in the time span of 6 years. Once the project becomes operation, it is anticipated to create 70, 000 direct and 6, 000 ancillary employment opportunities.
Currently, the group has office portfolio of 32 million square feet comprising commercial, IT and SEZ across Chennai, Delhi-NCR, Kolkata, Hyderabad and Chandigarh. To add further, another Property in Gurgaon, Residential Projects Gurgaon, Commercial Projects Gurgaon, Godrej Properties Gurgaon.
Besides Chennai, the company is actively looking to expand its commercial portfolio in other cities also.