CapitaLand to begin construction of third IT park in India

Located along Chennai's IT corridor, 9.3ha development's first phase offers 2.6 million sq ft of office space

Tue, Jul 28, 2020

Fiona Lam

https://www.businesstimes.com.sg/rea...-park-in-india

Singapore

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, the 9.3 hectare (ha) IT park has 4.6 million square feet (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.

The project is accessible by several main roads and is well-connected to Chennai International Airport.

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 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, Mr Srivastava said.

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 C Velan, head of Chennai operations at CapitaLand India.

The group on Monday unveiled ITPC, Radial Road in a virtual ceremony graced by Tamil Nadu Chief Minister Edappadi Palaniswami. It will be CapitaLand's third IT park in India and eighth property in Chennai.

The other properties include OneHub Chennai, a 506ha 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."

Shares of CapitaLand ended on Monday flat at S$2.82.