DLF plans Rs. 500 cr IT Park in Chennai

In view of the fact that the commercial real estate market has picked up in major cities, DLF, which is a renowned realty major of the country and also the largest realty firm, has exhausted its commercial space stock by leasing out over 32 million sq. ft., in the recent past. To make up for the shortage, it is building its Cyber Park in Chennai at an investment of Rs. 500cr. It has already commenced construction of about 1.6 million sq. ft. and will bring the best tenant and employee experience in Chennai, DLF CEO (Rental Business) Sriram Khattar said, adding that the company has an IT SEZ in Chennai, comprising 5.7 million sq. ft. of area. About 4 lakh sq. ft. of space has been pre-leased and two towers out of three would be completed by the middle of next year. The construction work is being carried out by Malaysian firm and the IT Park would have sports, entertainment and F&B hub in the central pavilion. In addition, DLF had last year also started construction of an office complex in Gurgaon comprising over 2 million sq. ft. area at a cost of about Rs. 900cr.