Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 13, 2004 |
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Industry & Economy
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Real Estate & Construction Ascendas, Mahindra to jointly develop ready-built space near Chennai Our Bureau
Chennai , Oct. 12 ASCENDAS, a Singapore-based business space provider, and Mahindra Industrial Park today signed an agreement to develop 1 million sq ft of ready-built space at Mahindra City, at Maraimalai Nagar on the outskirts of Chennai. This will cater to information technology and BPO (business process outsourcing) sectors. The partners intend to develop the ready-built space on 20 acres, and in four phases of 250,000 sq. ft each. They would also adopt Ascendas Real Estate Management System to enhance the quality of park management at Mahindra city. This includes a master plan review, development management, marketing consultancy and agency, property management, lease management, asset management and the use of Web-based Ascendas Integrated Management System, said a press release. Promoted by the Mahindra Group and the Tamil Nadu Industrial Development Corporation, Mahindra City was recently granted approval for three sector specific special economic zones — information technology (including services, electronics hardware and bio-informatics), apparel and fashion accessories and auto ancillaries. It's customers include Infosys, TTK Healthcare and Kryolan Gmbh. Infosys Technologies had acquired about 125 acres of land at Mahindra City to develop what it said would be its largest software development centre in the country. The current undertaking will be the second IT project that Ascendas will be executing in and around Chennai. It has already started work on a 500,000 sq ft project at Taramani in Chennai, which houses the software development centres of major IT companies. This project, which Ascendas is executing jointly with TIDCO, is scheduled for completion by April 2005. It will be extended in phases to cover 1.5 million sq ft.
More Stories on : Real Estate & Construction | Tamil Nadu
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