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DLF to invest Rs 13,000 cr to develop office spaces in Gurugram, Chennai

Real estate developer DLF is planning to construct nearly 20 million sq ft of office space with an outlay of Rs 13,000 crore. The project likely to be completed in a period of 6-7 years will mostly be based out of Gurugram in Haryana and Chennai.

Speaking on the sidelines of a foundation laying ceremony by Chief Minister K Palaniswami, DLF’s CEO Mohit Gujral said that of the proposed 20 million sq ft space, 11 million sq ft will be in Gurugram and around 7 million sq ft will be at Chennai. The project will see an investment of Rs Rs 7,500-8,000 crore in the Haryana district and Rs 5,000 crore in Chennai.

During Phase-I, the company will invest around Rs 1,200-1,500 crore to develop 2.5 million sq.ft and the company hopes to finish the remaining work in less than six years, said Sriram Khattar, managing director, DLF Rental Business.

Commenting on revenue generation prospects, Khattar, who was “cautiously optimistic”, said DLF Cyber City at Manapakkam near Chennai is spread over around 7 million sq.ft and it generates annual rental of around Rs 550 crore in revenues, so it can be a benchmark.

Palaniswamy on Thursday laid the foundation stone for DLF’s new IT/ITeS ‘DLF Downtown’ being developed at a cost of Rs 5,000 crore. In his address, Palaniswami said, “due to the constant efforts of my government, many new investment projects are being commenced successfully in Tamil Nadu”.

The MoU for the project was signed with the Tamil Nadu government about ten years ago, however, it did not take off for various reasons including issues with land allocation. With the new project at Taramani, Chennai will become the second-largest market for DLF after Gurugram.

DLF has office spaces spread over 32 million sq.ft of area across Delhi NCR, Chennai Hyderabad, Kolkata, and Chandigarh.

Source: Business Standard