Realty major DLF will invest about Rs 500 crore to develop an IT Park in Chennai as the commercial real estate market has picked up in major cities.
The country’s largest realty firm has exhausted its commercial space stock by leasing out over 32 million sq ft. It expects to earn about Rs 2,700 crore rental income in the current fiscal from its portfolio.
“Our Cyber Park in Chennai is fully leased to high quality tenants. We have now 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 told reporters.
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,” Khattar said, adding that two towers out of three would be completed by the middle of next year. The construction work is being done by Malaysian firm Eversendai.