A leading global real estate investment manager (REIM), CapitaLand Investment, announced on Wednesday that it is promoting a 2.6 million sq ft international tech park in the city on the Pallavaram – Thoraipakkam Radial Road for a cost of 1,400 crores.
The project will be built in two 1.3 million sq ft phases, the first of which will be completed by the end of March 2023 and the second by the end of 2024.
“Connecting the OMR, Chennai’s IT Corridor and the GST Road, the Radial Road is fast emerging as the new IT corridor with several IT Parks being promoted by leading developers, besides largescale residential apartments by prominent players. Located close to several catchment areas like Velachery, Pallikaranai, Pallavaram and Chromepet for IT professionals, the Radial Road has become the ideal location for IT/ITeS services,” said Gauri Shankar Nagabhushanam, CEO, India Business Parks, CapitaLand Investment.
The company has the scope to develop an additional 2.5 million sq ft at the same location on its approximately 25 acres of property, he added.
He claims that with investments in IT Parks, industrial townships, warehousing, and lodging spread across nine assets, Chennai is one of CapitaLand’s key markets and is the company’s most diversified market in India. It made its initial foray into Chennai in 2005 by opening the International Tech Park Chennai in Taramani as a joint venture with the state-owned Tidco.
“Chennai and Mumbai is a key market for us to establish data parks due to the submarine cable landing facilities in these two metroes. While the company has already committed 1,200 crore for a large data centre park in Navi Mumbai, new data centres would come up in Chennai, Bengaluru and Hyderabad,” Nagabhushanam said.
“Keeping in mind the focus on sustainability, the Radial Road project is being developed as a green building with thrust on natural lighting. We are in talk to attract green funds to enable its development in tune with the company’s global Net Zero commitments. The Radial Road is well connected with all modes of transport,” C Velan, Head – Chennai Operations for CapitaLand Investments, said.