Bengaluru-based property developer Prestige Group has entered into a joint venture agreement with Chennai-based WS Industries to develop a 1.1 million sqft IT park on seven acres of prime land located on the Mount-Poonamallee Road.
“Even though this is a JV deal and does not involve 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 sqft park will be almost as big as Tidel Park (1.2 million sqft), which was the first mega tech park to come up in the city in 2000.
The Mount-Poonamallee road is emerging as the third IT corridor of the city, after OMR and Radial Road. The stretch connecting Nandambakkam and Porur already houses the DLF IT Park at Manapakkam, besides tech park development by L&T (since taken over by CapitaLand), Rahejas and RMZ. The ongoing metro rail project on this road is a boost to connectivity.
“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, WSI.
Started in 1962, WS Industries (WSI) was making insulators and other electric equipment at this location. It ran into financial troubles and had shut down operations in 2010. A new set of promoters took over the company in 2022 and eventually it became debt free.
Recently, WSI acquired about 250 acres at Sunguvarchatram and plans to promote a logistics and light engineering hub. The company is focusing on the infrastructure space and has a healthy pipeline of projects.
