DLF To Invest Rs 5,000 Cr, Chennai To Get One Of Its Biggest Commercial Buildings
New Delhi: Realty player DLF will Rs 5,000 crore for development of 27 acre commercial project in Chennai.
The project will be developed jointly by DLF's joint venture firm with GIC named DLF Cyber City Developers Ltd (DCCDL). The project will largely have office spaces and the total area of the project will be 6.8 million square feet. The project will be developed in phases.
"We are investing Rs 5,000 crore in phases for developing our fourth project DLF Downtown, Taramani in Chennai," DLF CEO Mohit Gujral said.
In the first phase, the realty firm will develop about 2.5 million square feet. The entire project is expected to be completed in 5-6 years.
After this project is completed, DLF will have about 14 million square feet of developed spaces in Chennai.
DLF aims to strengthen its rent yielding portfolio of buildings and has built a pipeline of 20 million square feet of space. The construction of about 5.5 million square feet is already underway.
DLF aims to have a commercial portfolio of 50 million square feet nationally. It has an income of Rs 3,000 through rents annually from its commercial developments. The rent-yielding commercial buildings of the company are located in Gurugram, Kolkata, Hyderabad, Chennai and Chandigarh.