DLF to invest Rs 550 cr in office space for Standard Chartered

01 Mar 2022

Delhi Land & Finance (DLF) told the media that the company plans to invest around Rs 550 crore to construct a one million sq ft office building for Standard Chartered Global Business Services (GBS).

Tamil Nadu CM M K Stalin laid the foundation stone of the office campus in the DLF Downtown project at Taramani, Chennai.

Earlier, DLF had pre-leased 7.7 lakh sq ft of office space to Standard Chartered GBS, and the latter has an option to take the rest of the area.

Managing Director of DLF Rental Business, Sriram Khattar, said that the company is developing a one million sq ft building, which has two blocks, for Standard Chartered GBS. The total construction cost is about Rs 550 crore.

The DLF Downtown project in Chennai is spread over 27 acres, and a 6.8 million sq ft area is being developed by DLF Cyber City Developers Limited (DCCDL) with an investment of around Rs 5,000 crore.

DCCDL is a joint venture (JV) between DLF and Singapore sovereign wealth fund Government of Singapore Investment Corporation (GIC).

In the first development phase, DLF will construct a 3.3 million sq ft area, including a one million square feet building for Standard Chartered.

The construction of a 2.3 million sq ft area is already under construction and will be completed by the end of the next fiscal year, while the Standard Chartered GBS campus will be completed by mid-2024.

Khattar said the company has been present in Delhi for 17 years and operates the largest IT Special Economic Zone (SEZ), DLF Cyber City, Chennai at Manapakkam, having a 7.2 million sq ft area.

DLF Downtown in Taramani should generate Rs 700-750 crore income when fully functional, with around 70,000 employees working from DLF Downtown Chennai.

Image Source

Also read: DLF rolls out a plotted development project: Parc Estate in Chennai

Related Stories