DLF to spend 40% of yearly capex on commercial projects in Chennai

The real estate developer DLF plans to spend roughly 40% of its annual capex to finish its current commercial projects in Chennai, which is the company's second-largest market outside of Delhi-NCR. The company invests between Rs 12 and Rs 15 billion in developing commercial assets in its current markets. The company intends to invest Rs 11 billion for the first phase of construction in Chennai; of this, about Rs 7 billion has already been incurred. In Chennai, DLF is presently building its second-largest project for a cost of almost Rs 50 billion. DLF Downtown, a 6.8 million-sq-ft office building, is planned to be finished between 2026 and 2027. DLF Downtown at Taramani's Phase 1 is currently nearing completion and will provide extra cash. DCCDL, the Rental arm of India's largest real estate company DLF today announced the completion of 15 years of its commercial activities in Chennai. The business estimates that over the next four years, commercial properties in Chennai will account for about 25% of its rental income. Retail and commercial properties owned by DLF Cyber City Developers (DCCDL) and the DLF portfolio produce rental income for DLF. In Manapakkam, Chennai, DCCDL already runs a 7.4 million-sq-ft IT SEZ that brings in roughly Rs 6 billion each year in rental income. Also read: Godrej Properties acquires 28 acres land parcel in Bengaluru More than 3,000 properties registered in Mumbai in just 11 days