DLF will invest about Rs 500 crore to develop an IT Park in Chennai as the commercial real estate market has picked up in major cities. The realty firm has exhausted its commercial space stock by leasing out over 32 million sq ft. It expects to earn about Rs 2,700 crore rental income in the current fiscal from its portfolio.
Its Cyber Park in Chennai is fully leased to high quality tenants, as per reports. The firm has now commenced construction of about 1.6 million sq ft. It has an IT SEZ in Chennai, comprising 5.7 million sq ft of area. About 4 lakh sq ft space has been pre-leased, and two towers out of three, is expected to be completed by the middle of next year, suggest reports.
The construction work is being done by Malaysian firm Eversendai. The IT Park will have sports, entertainment and F&B hub in the central pavilion.
The leasing of office space has picked up in the seven major cities of the country. DLF is following a strategy to aggregate leasing in favour of ‘higher value’, large and high credit customers.