Mr Irfan Razack

R. Balaji

Chennai, Dec. 13 The Bangalore-based real estate developer, Prestige Group has entered into a joint venture with Reliance Industries Ltd to develop IT space on the arterial Anna Salai.

According to Mr Irfan Razack, Managing Director, Prestige Estates Projects Pvt Ltd, the joint venture with Reliance will look at a range of real estate projects. First among these would be the Prestige Polygon, a cyber tower, on Anna Salai.

This project would be coming up on the 2.8-acre property at Teynampet that Prestige bought from the Chennai-based Balaji Group last month.

Mr Razack said that Prestige and Reliance together would explore a number of opportunities in Chennai, including projects along the IT corridor. The joint venture brings together the financial strength of Reliance and the experience in real estate development, implementation capability and market awareness of Prestige.

Market sources had then put the purchase price of the Teynampet property at about Rs 115 crore. Company officials said that Prestige plans to develop a 500,000 sq feet IT park with a one tower of three basements and 12 floors.

Mr Razack said other projects that Prestige is putting up include the Vijaya Forum Mall in the heart of the city.

This is a joint development coming up at Vadapalani. The Forum Mall is a Rs 350-crore project for a 17-lakh sq ft mall.

Through another joint development, Prestige has started work on a project for office space development on Greams Road.

Work on the project has started with a groundbreaking ceremony on Wednesday, he said.