Global real estate investment manager CapitaLand Investment (CLI) on Wednesday said the first phase of its upcoming office space project envisaging an investment of Rs 1,400 crore, in Chennai, is likely to be operational by Q2 of CY 2023.
Christened International Tech Park Chennai (ITPC), Radial Road, the project will be developed in two phases – phase I containing two blocks of 1.3 million sq. ft each will be operational by Q2 of 2023, while the two blocks of phase II are expected to be ready for operations by Q4 of 2024.
In an interaction with select media persons in Chennai, Gauri Shankar Nagabhushanam, CEO, Business Parks India, CapitaLand Investment said that currently the company has about 26 million sq. ft. of commercial real estate and will be increasing that to 40 million sq. ft. by 2024-25. On the trend of work from home in the IT sector, he said: “Our client’s place in IT parks located in different cities, nearly 60% of the employees are back to the office and the numbers will go up and hence the demand for office space will increase.”
The company is also getting into the data centre segment and has committed Rs 1,200 crore for its data centre which is coming up in Mumbai. It is also looking at data centre projects in Chennai, Hyderabad and Bengaluru.
CLI is mulling setting up a 30 MW solar power farm in Tamil Nadu in its efforts to have green and sustainable buildings. “Nearly 30% of our power needs are met through renewable sources, mostly solar. We are looking at the possibility of setting up a solar power farm with a capacity of 30 MW in Tamil Nadu,” Nagabhushanam said.