DLF to invest Rs 500 crore on growing IT parks in Chennai

Posted on Sep 12 2016 - 4:44am by bablubadmashrana

NEW DELHI: Realty most important DLF will make investments about Rs 500 crore to develop an IT Park in Chennai as the economic real estate market has picked up in foremost towns.

The of a’s largest realty company has exhausted its industrial area inventory via leasing out over 32 million squarefeet. It expects to earn about Rs 2,seven-hundred crore rental earnings in the modern-day economic from its portfolio.

“Our Cyber Park in Chennai is absolutely leased to excessive first-class tenants. We’ve got now started out production of approximately 1.6 million sq.toes and could carry the excellent tenant and worker revel in in Chennai,” DLF CEO (apartment Enterprise) Sriram Khattar informed PTI.

The business enterprise has an IT SEZ in Chennai, comprising five.7 million squareft of area.

“about four lakh squarefeet of space has been pre-leased,” Khattar said, including that two towers out of 3 might be completed via the center of subsequent year.

The development work is being finished by means of Malaysian firm Eversendai. IT Park might have sports, leisure and F&B hub within the important pavilion.
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DLF had final 12 months began creation of an office complicated in Gurgaon comprising over 2 million squareft vicinity at a fee of about Rs 900 crore.

In contrast to housing zone that’s having a slow income, the leasing of workplace space has picked up within the seven fundamental cities of the united states of america.

On the office marketplace, DLF said that the current uptick on leases maintains, but new leasing momentum has been impacted as it has clearly nil stock at most places.

“The company is following a approach to combination leasing in favour of ‘higher cost’, huge and high credit score customers,” the enterprise said in a presentation.

DLF had introduced in October closing yr that its promoters might sell forty consistent with cent stake in the condominium arm DLF Cyber Metropolis Builders Ltd (DCCDL).

The enterprise has shortlisted few capacity buyers to promote promoters’ stake in DCCDL and expects the proposed deal, estimated at Rs 12,000 crore, to be signed by means of early October.

Promoters might be reinvesting a sizable part of the amount realised from this deal into DLF Ltd.

Earlier, resources had said that Blackstone, Singapore’s sovereign wealth fund GIC and Abu Dhabi Funding Authority are amongst shortlisted investors.

“We acquired a couple of bids from sovereign budget and global non-public equity firms. We’ve got shortlisted few,” DLF Senior Executive Director (Finance) Saurabh Chawla had said lately.

“By way of the give up of September or early October, we should be capable of guide the marketplace about the end result of this transaction,” Chawla had stated.

DLF posted over -fold leap in net income to Rs 261.42 crore for the area ended June from Rs 125.87 crore in the 12 months-ago period. Profits from operations fell 22 according to cent to Rs 1,867.forty six crore inside the first sector of the modern-day monetary as against Rs 2,388.seventy two crore within the year-in the past length.