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Our Bureau

Chennai, March 4 The DLF group is planning invest Rs 1,200 crore in a residence project meant for the mid-income group near Siruseri on the Old Mahabalipuram Road, south of Chennai, the company’s Executive Director – Southern Region, Mr J Subrahmanian told journalists here today.

The group has acquired 100 acres of land for this purpose, he said.

The project is one of the several that DLF is planning to put up near Chennai, the total value of which works out to around Rs 2,500 crore. While a few of the planned projects are yet to be taken up for implementation, a few others are underway.

The biggest among them is the IT Park at Manapakkam in the city, where it is constructing 7.2 million sq ft of space. The project cost Rs 1,500 crore, of which Rs 450 crore is yet to be spent.

Mr Subrahmanian said that the first phase (2 million sq ft) was fully occupied. The company is giving finishing touches for the 2.5 million sq ft second phase, which is getting occupied. Construction has begun for phase-3.

The entire space is leased out. The going rate is about Rs 40 a sq ft a month. Hence the company earns Rs 8 crore a month from Phase-I.

The other projects are: a Rs 175 crore shopping mall on a property leased from the Madras Race Course, Guindy, by DLF Retail Developers Ltd, and three residential projects.

One of them is a luxury apartment block in the city, at a cost of about Rs 500 crore. Another is a 2,500-unit bungalow-type project at Sriperumbudur, expected to be completed over the next 3-4 years. The third is a Rs 1,200 crore residential project for mid-income customers, for which DLF has acquired 100 acres of land.

In addition to these, a joint venture of DLF and Hilton is planning to put up a Rs 150-crore, 300 room business hotel in the SIPCOT IT part at Siruseri, on the Old Mahabalipuram Road.

More Stories on : New Projects | Real Estate & Construction | Tamil Nadu | DLF Ltd

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