DLF, the pioneer of real estate sector, is all set to develop an IT Park in Chennai. The company will invest around Rs 500 crore for the project in Cyber Park. It is sanguine about the success of the project as the commercial real estate market has boosted up in some metropolitan cities.
In a short span of time, DLF has attained commendable success and emerged as one of the leading conglomerates. The net profit of the company increased from Rs 125.87 crore to Rs 261.42 crore for the quarter ended June.
There was also a cut in Income from operations which fell 22 percent to Rs 1,867.46 crore in the first quarter of the current fiscal as against Rs 2,388.72 crore in the year-ago period.
Leasing out over 32 million sq. ft., DLF has exhausted its commercial space stock. The company expects to earn about Rs 2,700 crore rental income in the current fiscal from its portfolio.
Eversendai, a prominent firm based in Malaysia, has been appointed by DLF for the construction work. Some state-of-the-art amenities are included in the IT Park like health and fitness, fun and entertainment and F&B hub in the central pavilion.
The company commenced the construction of a 2 million sq ft office complex in Gurgaon last year. Some potential investors were shortlisted by it to sell promoters’ stake in the rental arm; DCCDL.
Talking about the new project in Cyber Park in Chennai, Sriram Khattar, DLF CEO (Rental Business) stated that the project would be allotted to high-quality tenants. The company looks forward to bring the best in experience, employees and reliable tenants and has started the construction of about 1.6 million sq ft.
Thus, the company’s project in IT Park in Chennai is likely to bring in cheer in the city’s realty sector and lure some buyers.