Construction Industry News
Delhi Land & Finance (DLF) told media that the company plans to invest about Rs 550 crore to construct a one million square meter office building for Standard Chartered Global Business Services (GBS).
Tamil Nadu CM M K Stalin laid the foundation stone of the office campus in the DLF Downtown project in Taramani, Chennai.
Previously, DLF had pre-let 7.7 lakh sq ft of office space to Standard Chartered GBS, and the latter has an option to occupy the rest of the area.
Managing Director of DLF Rental Business, Sriram Khattar, said the company is developing a one million square meter two-block building for Standard Chartered GBS. The total construction cost is about Rs 550 crore.
The DLF Downtown project in Chennai is spread over 27 hectares and an area of 6.8 million square meters is being developed by DLF Cyber City Developers Limited (DCCDL) with an investment of about Rs 5,000 crore.
DCCDL is a joint venture (JV) between DLF and the Singaporean sovereign wealth fund Government of Singapore Investment Corporation (GIC).
In the first phase of development, DLF will build a 3.3 million square foot area, including a one million square foot building for Standard Chartered.
Construction of an area of 2.3 million square meters is already under construction and will be completed by the end of the next fiscal year, while the Standard Chartered GBS campus will be completed by mid-2024.
Khattar said the company has had a 17-year presence in Delhi and operates the largest IT Special Economic Zone (SEZ), DLF Cyber City, Chennai in Manapakkam, which covers an area of 7.2 million square feet.
DLF Downtown in Taramani should generate Rs 700-750 crore income when fully functional with about 70,000 employees working from DLF Downtown Chennai.
418
1099
500
999
369
899
288
599
300
1001
372
1199
247
749
297
899
272
849
400
1001
190
250
387
899
