Bengaluru-based property developer Prestige Group has entered into a joint venture agreement with Chennai-based WS Industries to develop a 1.1 million sq ft IT park on seven acres of prime land on Mount-Poonamallee Road.
“Even though this is a JV deal and does not involve the sale of land if one has to value the land at Rs30 crore per acre, the project cost, including that of land, would be in the range of 750 crore to 800 crore,” multiple sources in the property development industry told TOI.
The 1.1 million sq ft park will be nearly as big as Tidel Park, which opened as the city’s first mega tech park in 2000 and is 1.2 million sq ft.
After OMR and Radial Road, Mount-Poonamallee Road is fast evolving into the third IT corridor in the city. Along with tech parks built by L&T (since acquired by CapitaLand), Rahejas, and RMZ, the DLF IT Park is already located at Manapakkam on the stretch of land that connects Nandambakkam and Porur. The ongoing metro rail project improves connectivity on this road.
“WSI is excited to partner with Prestige Group and is confident that this will be an iconic and landmark development in the emerging IT hub of Chennai at Porur,” said Nagarajan Seyyadurai, chairman of WSI.
At this location, WS Industries (WSI), which was started in 1962, manufactured insulators and other electrical equipment. It experienced financial difficulties and had to stop operations in 2010. In 2022, a new group of promoters took over the company, and eventually, it became debt-free. With the recent acquisition of about 250 acres at Sunguvarchatram, WSI plans to develop a logistics and light engineering hub. The company has a strong pipeline of projects and is focusing on the infrastructure space.