CapitaLand Investment, a leading global real estate investment manager (REIM) on Wednesday said it is promoting a 2.6 million sq ft International Tech Park on the Pallavaram – Thoraipakkam Radial Road in the city at a cost of 1,400 crore.
To be developed in two phases of 1.3 million sq ft each, the first phase will be ready by the end of March, 2023 and the second by December, 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 about 25 acres of land and it has scope to develop another 2.5 million sq ft at a later stage at the same location, he added.
According to him, Chennai is one of the key markets for CapitaLand and is the most diversified market for the company in India with investments across IT Parks, industrial townships, warehousing and lodging spread over nine assets. It first entered Chennai in 2005 by establishing the International Tech Park Chennai in joint venture with state-owned Tidco at Taramani.
“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.
