Financial Daily from THE HINDU group of publications
Tuesday, Aug 09, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 09, 2005 |
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Info-Tech
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Infrastructure IT park coming up in heart of Chennai city N. Ramakrishnan
Construction in progress at an IT Park on Dr Radhakrishnan Salai, Chennai. — Bijoy Ghosh
Chennai , Aug. 8 WORK is apace on an IT park on Dr Radhakrishnan Salai, in the heart of Chennai. The building will be spread over 2.5 lakh sq ft and will have two-tier basement for parking cars, ground plus 12 floors. Being developed by A.R. Foundations Pvt Ltd, the project is estimated to cost about Rs 65 crore, including the cost of the 24-ground (one ground equals 2,400 sq ft) plot of land, according to Mr Amarnath Reddy, Managing Director, A.R. Foundations. The building will be ready for leasing out by June 2006, according to him. He decided to go in for an IT park in the heart of the city because he believes that there is good demand for such a facility as most other IT parks are coming up away from the city centre. There are going to be a number of IT companies, including multinationals, that will require quality space in such a location, as over a period of time transportation cost and the commuting time to the outskirts will increase, reasons Mr Reddy. A.R. Foundations is confident that it will be able to charge a lease rental of Rs 50-55 a sq ft, excluding the maintenance and common facilities cost. It is in talks with all the leading global real estate consultancy firms to help lease out the property, which will have a floor plate of 20,000 sq ft. Mr Reddy said that the building would have adequate parking space - two-tier basement, ground floor stilts and open, and first floor for two-wheelers, thus leaving 2.10 lakh sq ft of space that could be leased out. Consolidated Construction Consortium Ltd, a Chennai-based construction company, is the contractor for this project, whose architect is Eskay Designs. A.R. Foundations has roped in A.N. Prakash & Co of Bangalore as project consultant, according to Mr Reddy.
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