Dlf Investment: DLF will invest Rs 550 cr to construct a 1 million sq ft office building in Chennai for StanChart GBS

Real estate major DLF on Monday announced an investment of around Rs 550 crore to construct a one million square foot office building for the world’s largest Standard Chartered Global Business Services campus. Tamil Nadu Chief Minister MK Stalin has laid the foundation stone for the ‘DLF Downtown’ project office campus at Taramani in Chennai.

In October 2020, DLF had pre-let an office space of 7.7 lakh square feet from Standard Chartered Global Business Services (GBS) and the latter has the option to take the remaining space.

“We are developing a one million square foot building, which comprises of two blocks, for Standard Chartered GBS. The total construction cost is estimated at around Rs 550 crore,” said Sriram Khattar, Managing Director of DLF Rental Business .

The DLF Downtown-Chennai project, spread over 27 acres and comprising an area of ​​6.8 million square feet, is being developed by DLF Cyber ​​City Developers Ltd (DCCDL) with an investment of Rs 5,000 crore.

DCCDL is a joint venture between DLF and Singapore’s sovereign wealth fund GIC.

In the first phase, DLF is constructing a total area of ​​3.3 million square feet, including a one million square foot building for Standard Chartered.

Construction of 2.3 million square feet is already underway and will be completed by the end of next fiscal year, while the Standard Chartered campus will be completed by mid-2024.

Khattar said the company has had a presence in the state for 17 years and operates the largest DLF Cybercity “DLF Cybercity, Chennai” in IT SEZ in Manapakkam with an area of ​​7.2 million square feet.

This SEZ has contributed to a cumulative export income of around Rs 84,000 crore since its establishment and around 70,000 professionals are employed, he added.

“Once DLF Downtown is complete and operational, DLF will have a footprint of approximately 14 million square feet of commercial workspace in the city, making it the second largest market after Gurugram,” Khattar said.

He said the company is optimistic about its investment in Tamil Nadu, which is fast becoming a global hub for IT/ITS, manufacturing and R&D (research and development).

“A development like DLF Downtown in a place like Taramani is expected to generate revenue of Rs 700-750 crore when fully functional,” he said, adding that around 70,000 staff will work from DLF Downtown Chennai. .

DLF Offices Executive Director Amit Grover said: “The project is designed to high-end specifications and has received Platinum LEED certification from the US Green Building Council.”

Matthew Norris, Global Head of Standard Chartered GBS, said: “We expect our world’s largest campus at DLF Downtown Taramani to define the future of work with its people-centric design around hybrid working models, further enhancing the employee well-being, engagement and productivity with sustainable measures.”

DLF is India’s leading property developer. It has developed about 153 real estate projects and developed an area of ​​about 331 million square feet.

The group has a development potential of 215 million square feet in the residential and commercial segments.

The group has an annuity portfolio of over 35 million square feet, of which 33 million square feet are LEED Platinum certified by the US Green Building Council.

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