Pacifica launches IT park in Chennai

Chennai, Jan 19 | Updated: Jan 20 2007, 06:58am hrs
The US-based $2-billion (about Rs 8,800 crore) Pacifica Companies on Friday announced the launch of its first IT project in India, at the IT corridor in Chennai. The IT park is spread over 7.29 acre and is expected to cost between Rs 150 crore and Rs 175 crore.

"Pacifica Tech Park offers one of the largest floor plates and will be ready for fit out commencement in early February and for occupation by end of March this year," said Vikram Agnihotri, regional head - South, Pacifica.

Some of the salient features of the park include 11 lakh sq ft built up area over two blocks, facade with double glazing to increase energy efficiency and a car parking ratio of one car per 850 sq ft, he said.

Pradeep Kshatriya, marketing director, Pacifica, said, "our strategy in India is to capitalise on opportunities in emerging high-growth markets such as Chennai, Ahmedabad, Pune, Delhi, Hyderabad and Bangalore. We started off with Chennai as there is demand for quality commercial space, particularly for IT companies."

The company invested about $200 million (about Rs 880 crore) in India in 2006 and will be investing $400 million (about Rs 1,770 crore) to $500 million (about Rs 2,200 crore) in the next two years, he said.

Vikram said, the investments in India will be split into 40% for residential projects, 10% for commercial projects, 25% for hotels, 15% for IT parks and 10% for others.

The company's future plans include construction of four star hotels in Hyderabad and Bangalore and a commercial and residential integrated project in Pune and a residential condominium in Chennai, he added.