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₹500 cr outlay for DLF expansion
DLF Cybercity Chennai, an IT Special Economic Zone (SEZ) on Wednesday announced that the construction of its Phase III would complete in the beginning of Q3, 2017. The company has started constructing three new blocks totalling 1.6 mn sqft with an investment of approximately Rs 500 cr.
The operational project in Mount Poonamallee Road, Manapakkam, which marks ten years since its inception in April 2007, is being readied for handover for fit-outs by the beginning of June. The other two blocks are slated to be completed by the end of the year. Once completed, the campus will be the largest operational IT project in Chennai with a total area of 7.2 mn sqft.
Amit Grover, Director, DLF Offices said, “DLF Cybercity Chennai, which encompasses an area of 5.6 mn sq ft, today hosts 55 MNCs and Indian companies which operate their software services, R&D, Design and BPO Centres on this campus. With around 65,000 people directly employed here, the tenant companies have contributed to exports to the tune of Rs 42,000 cr, over the last ten years.
The development of Phase III will add 1.6 mn sqft of premium office space to the project and contribute approximately Rs 134 cr annually in earnings to DLF.” The developer expects another 20 more companies to be added to its client list upon the completion of Phase III.
DLF earned a total revenue of Rs 1,970 crore in FY 15-16 and its projected earnings in FY 1617 was Rs 2,131 crore. The total dollar revenue earning from its clientele is worth approximately Rs 42, 405 cr.
The office IT SEZ space is currently in the range of approximately 500 mn square feet of grade ‘A’ space pan India. It is growing at an average of 10 pc per year of the existing asset base. With a total available market size of around 4045 million square feet per annum pan India, Chennai has a net absorption of 5-6 mn sqft and is ranked third after Bengaluru (8-10 mn sqft) and Hyderabad (5-6 mn sqft). The NCR region including Gurgaon and Noida has a net absorption of 3-4 mn sqft and the figure for Mumbai stands at 4-5 mn sqft.