SINGAPORE (THE BUSINESS TIMES) - Real estate giant CapitaLand is commencing construction for the first phase of the International Tech Park Chennai (ITPC), Radial Road.
Located along Chennai's IT corridor, 9.3ha IT park has 4.6 million sq ft of development potential for premium Grade A office space.
The first phase of the development will comprise two buildings offering 2.6 million sq ft of office space for IT and IT-enabled services (ITeS) companies. The first block will be operational by Q4 2022, while the second block will be up and running by Q2 2024.
When fully developed, the tech park will have amenities such as restaurants, food courts, a fitness centre, a clinic, a childcare centre and event spaces.
Chennai is one of CapitaLand's key markets for growth. "It is the most diversified market for us in India and we have invested in IT parks, industrial townships, warehousing and lodging in the city," said Mr Vinamra Srivastava, chief executive of business parks at CapitaLand India.
The group's two operational IT parks in Chennai - ITPC at Taramani and CyberVale - are both fully occupied.
The new park will thus offer more options for IT and ITeS companies to expand their businesses in the city.
ITPC, Radial Road has been pre-certified with a Platinum rating by the Indian Green Building Council. It will be designed with green features to achieve water and energy efficiencies, such as having office spaces that are 75 per cent naturally lit as well as luscious landscape complementing Chennai's weather and ecosystem.
This will be a draw as tenants increasingly place sustainability as a top priority, said Mr C. Velan, head of Chennai operations at CapitaLand India.
The group on Monday (July 27) unveiled ITPC, Radial Road in a virtual ceremony graced by Tamil Nadu Chief Minister Shri Edappadi Palaniswami.
It will be CapitaLand India's third IT park and eighth property in Chennai. The other properties include OneHub Chennai, a 1,250 acre integrated industrial township; two logistics and warehouse facilities; and two lodging properties.
In India, CapitaLand has a portfolio of over 20 business and IT parks, industrial, lodging and logistics properties across seven cities: Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Mumbai and Pune.
Said Mr Srivastava: "We will continue to balance our growth across key markets in India as we look to increase our assets under management in the country.
"To achieve this, we are investing in developing a strong pipeline of projects and working with potential capital partners to grow our fund management business in India in the next few years."
Separately, CapitaLand on Monday morning said it now expects total profit after tax and minority interests to fall by 85-95 per cent for the first six months of this year, from the $875.4 million recorded a year ago.
Correction note: An earlier version of this article stated that ITPC, Radial Road will be CapitaLand's third IT park in India. It is in fact the group's third IT park in Chennai.
