Real estate major DLF Limited will invest Rs 5,000 crore in an IT park project—DLF Downtown—in Chennai’s Taramani locality, the company has said, a move aimed at expanding its portfolio of rent-yielding properties.
Chief Minister Edappadi K Palaniswami on Thursday laid foundation for the construction of DLF DownTown, a joint venture of the Tamil Nadu Industrial Development Corporation (TIDCO) and DLF, for housing information technology (IT) firms under one roof.
The IT complex with all modern facilities would come up on 27.04 acres of land in Taramani, at an investment of Rs 5,000 crore. The project is expected to provide direct employment for 70,000 people.
“I am sure this new project by TIDCO and DLF will go a long way in further strengthening Tamil Nadu’s position as the most favoured investment destination in South Asia,” the Chief Minister said speaking on the occasion.
Taramani has emerged as a major commercial area in recent years. DLF, in a joint venture with Tidco, is developing a campus spread over 27 acres. The Taramani project will add 70,000 direct and 6,000 ancillary employment opportunities once fully operational, said Gujral.
Mohit Gujral, chief executive at DLF, said of the proposed 20 million sq ft of projects, around 11 million will be at Gurugram and around 7 million in Chennai. These will attract Rs 7,500-8,000 crore and Rs 5,000 crore, respectively, it is estimated.
Palaniswami said that Foreign Direct Investments (FDI) in the State has increased to Rs 1.80 lakh crore in the past three years. Palaniswami said, “In the previous years the FDI was around 1.33 lakh crore. However in the past three years an additional revenue of Rs 47,000 crore has been generated by this government.”
He further said due to the constant efforts of the government, many new investment projects are being commenced successfully in Tamil Nadu.
“Within a span of one year, we are able to support the beginning of commercial production of 59 GIM Projects. Another 213 projects are under various stages of implementation,” he said.