In a major real estate deal, Ascendas, a Singapore based firm has acquired 12.74 acres of a land parcel for nearly Rs 250 core on Pallavaram Radial Road in Chennai. The group will develop a massive 2.3 million sqft IT park with an investment of around 1500 crore.
This is the fifth time Ascendas invested in a project in Chennai. According to the group sources, the firm has taken over the land parcel from G Square Zamin Private Ltd. G Square group is a leading land aggregator in Chennai who have also dealt with renowned corporates like CEAT, Murugappa group, TVS etc. in the past.
Currently, Ascendas is managing four properties in Chennai only that includes IT Park in Taramani and Mahindra City, a logistics hub in Oragadam, and an integrated township near Mahabalipuram.
Ascendas-Singbridge entered into the Indian realty market in 1992 wherein they developed renowned International Tech Park in Bangalore. Since then the company has expanded many folds across various parts of the country. The group has developed many Business parks, Mixed-land developments, and integrated townships and has presence in six major cities including Coimbatore, Gurgaon, Pune, Hyderabad, and Chennai apart from Bangalore.
According to a report by a leading real estate firm, Chennai has always been lacking a well-developed IT park and space as compared to other cities like Bengaluru, Delhi-NCR or Hyderabad. The Demand for quality office spaces is high in Chennai but in comparison to that, the supply is much less. It is expected that more such deals in the coming future will definitely fuel up the Chennai’s commercial real estate market.