DLF to invest Rs.500 crore for developing IT park in Chennai

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It has been announced that DLF Company will be investing around Rs.500 crore in Chennai in order to develop an IT Park there. It is being said that seeing the growth of the real estate market in the major cities of the country, DLF has decided to invest in Chennai.

DLF is a major realty firm of India and it has exhausted the company’s commercial space stocks by leasing out around 32 million square feet. Now in this current fiscal the company expects around 2700 crore rental income. 

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What the company has to say about this

The CEO of DLF said that their Cyber Park in Chennai is fully rented, and that too to high level tenants. Seeing this the company has started their new IT Park construction which will be about 1.6 million square feet. With this project, DLF expects to attract the best and the leading companies as their tenants.

DLF also has the IT SEZ located in Chennai 4 lakh square feet space of the total 5.7 million square feet area has already been pre-leased. One tower here is fully ready the other two towers will be completed within next year.

The CEO said that the construction the IT Park would be done by Malaysian firm called Eversendai. The IT Parks will have everything from entertainment options, sports, and F&B hub.

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Other investments and construction of DLF

Last year in Gurgaon, DLF started the construction of a commercial complex, which covers around 2 million square feet area.

Last year the company announced that their promoters would sell 40% stake of the company in the rental arm DLF Cyber City Developers Ltd. And then the promoters would be reinvesting a part of the deal amount to the DLF Ltd. The company has announced they have incurred a two-fold jump in their net profit for the quarter that ended in July. 

The housing sectors have been seeing slow level sales, but the office sector spaces have been showing high and fast sales in major cities. So with this investment in Chennai the company is expecting higher gains which would help the company in reaching its mark.