Realty developer DLF, India's largest publicly listed real estate company, is all set to develop a 6.8 million sft commercial project - DLF Downtown - in Chennai at an investment of Rs 5,000 crore. This will be DLF's fourth project in Chennai. Singapore’s sovereign fund GIC is backing DLF in this project. Investing in commercial projects is a part of DLF's strategy to expand portfolio of rent yielding properties.
Tamil Nadu Chief Minister, Edapaddi K Palaniswami, laid the foundation stone of DLF Downtown at Taramani in Chennai. The project spread over 27 acre is a joint venture with Tamilnadu Industrial Development Corporation (TIDCO) and will be developed by DLF's joint venture firm with GIC named DLF Cyber City Developers Ltd (DCCDL). The total commercial area, largely office spaces to be constructed under the new project, is 6.8 million sft in various phases. It is estimated that the project will be completed in the next 5-6 years, would help additional 70,000 direct and 6,000 ancillary employment opportunities once operational.
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DLF will be commencing the construction of 2.5 million sft of built up area in the first phase and is expected to finish the same by mid -2021. With this development along with DLF’s existing 7 million sft IT park at Manapakkam will take the company’s commercial portfolio in Chennai to nearly 14 million sft.