Developers to build housing parks in place of IT parks in Chennai

08 Jun 2021 CW Team

According to a real estate agency, Realty Beat, builders in Chennai are considering developing housing projects in place of IT parks as demand for office spaces has taken a hit due to Covid-19.

The rethink came after the number of vacant office spaces increased over the past year, while housing demand remained stable.

On GST Road and OMR, the city already has a few IT parks with housing amenities that were built before the Covid era.

Developers working on IT park projects are deferring their commercial ventures. It occurs as office space absorption falls from a high of 5.2 million square feet in 2019 to 4.5 million square feet in 2020.

Due to the work-from-home situation, stakeholders predict that absorption will drop to 2 million square feet this year.

The residential vertical, according to Ajith Kumar Chordia, managing director of leading IT park developer Olympia Group, is more appealing now.

He stated that as the demand for homes remains stable, builders who previously only constructed office space will return to the housing vertical. Office vacancy rates have risen from 7% to 11%.

Developers will not develop new IT office space projects without pre-commitment from clients, according to Srinivas Anikipatti, senior director of Knight Frank India in Tamil Nadu and Kerala.

He added that it would take developers with IT office space projects another two years to determine whether to use their land parcels for IT parks or transition to mall, retail, or residential depending on demand.

Image Source

Also read: Work from home culture may damage workspace market: Ind-Ra

Also read: 7,400 office leases of 90 million sq ft up for renewal in top 6 cities in 2021

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..