Financial Daily from THE HINDU group of publications
Friday, Sep 03, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 03, 2004 |
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Info-Tech
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Software 4 new IT parks in Chennai Nina Varghese
Chennai , Sept.2 THE Chennai-based real estate developer Vishranthi Homes Pvt Ltd plans to invest Rs 110 crore, to build four information technology (IT) parks, which will bring about 10 lakh sq ft of built-to-suit space into the market. Mr Raj Kumar Reddy, Managing Director, Vishranthi Homes, said the investment in the first IT park would be about Rs 50 crore, and would be funded mostly by internal accruals and loans. This park will come up in an area about 3 km from Tidel Park. The total built-up space would be 3 lakh sq ft and one lakh sq foot of parking. The IT park will be situated on a 3.5-acre property. The building would be Grade A with complete power back-up and all safety standards in place, Mr Reddy said. The construction will commence shortly and will be completed in 10 months, he said. The other three IT parks will come up in Nandambakkam — opposite the Chennai Trade Centre — and 2.5 lakh sq ft, Karapakkam (1.5 lakh sq ft) and Sholinganallur (2.5 lakh sq ft). Mr Reddy said that there was an increased interest in Chennai as global IT majors are looking for an alternative location to Bangalore. Chennai has certain infrastructure advantages such as the international airport, harbour and better power supply. He said that lower attrition in Chennai was a major attraction for most of the global companies. The Government plan to develop the Old Mahabalipuram Road into a six-lane highway will speed up the development on this stretch, he said.
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