DLF plans ₹5,000-crore investment in commercial space projects by 2026
Chennai, March 14
Leading real estate developer DLF seeks to invest ₹5,000 crore in a commercial real estate projects in Chennai by 2026 as the metro is becoming the second-largest market for the company after Gurugram.
On Monday, Tamil Nadu Chief Minister M K Stalin laid the foundation stone for an office space of about 1 mn sq ft being built by DLF for Standard Chartered Global Business Services at DLF Downtown campus at Taramani in Chennai.
Spread over 27 acres, DLF Downtown will be a multi-block campus of new age buildings and is being built in phases. This IT/ITES park will have a total office space of about 6.8 mn sq ft. “The total investment will be about ₹5,000 crore planned to be spent by 2026. We have so far invested₹1,600-1,700 crore in this project,” said Sriram Khattar, Managing Director, DLF Rental.
‘Once DLF Downtown is completed and operational, DLF will have a footprint of about 14 million sq ft of commercial workspaces in the city, making it the second-largest market after Gurugram. We are optimistic about our investment in Tamil Nadu as it is fast emerging as a leading global hub for IT/ ITES, manufacturing, and R&D,” he added.
Phase 1 project
Phase 1 will constitute new-age office buildings of about 3.3 mn sq ft with a host of amenities including a food district, restaurants, cafes, wellness centre, gym, creche, and a medical centre.
The Standard Chartered office building in DLF Downtown will set a new benchmark for future workspaces by offering a unique office building design, a first of its kind in the country in a safe and sustainable ecosystem. Tamil Nadu is set to become India’s innovation hub and knowledge capital as it has a highly qualified, skilled and disciplined resource pool, said a company statement.
A state government note said that the DLF Downtown project carried the potential to provide job opportunities for 70,000 people.
DLF Downtown is designed with high-end specifications and has been awarded a Platinum LEED Certification by US Green Building Council, said Amit Grover, Executive Director, DLF Offices.
Additionally, this building will also achieve a lower carbon footprint for its design and operations. DLF presently has a portfolio of 33 mn sq feet of LEED Platinum certified by US Green Building Council workspaces in the country.
A project DLF Downtown in a location like Taramani should generate an income of ₹700-750 crore when fully functional, said Khattar.
DLF Cybercity, located at Manapakkam in Chennai, is a 7.2 mn sq ft project and the largest IT SEZ in the State. It has contributed a cumulative export revenue of about ₹84,000 crore since its inception.
March 15, 2022