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 Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..