DLF inaugurates first IT SEZ in Chennai

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Even though the DLF public issue might have got delayed, the company is not slowing down. It inaugurated its first IT special economic zone in Chennai, reports CNBC-TV18.

 

DLF's first IT special economic zone will be Chennai's largest IT Park. Built on 43 acres in Porur the first phase of 15 lakh sq feet will be ready by March next year. Companies like IBM , Symantec and Accenture , which are moving into Chennai, have already taken up much of the available space.

 

"Excellent manpower is available in Chennai and the IT industry is grabbing space in Chennai these days. They feel that Chennai is the place to work in." says Minocha President, DLF Commercial Developers.

 

Sources tell us that rental in the DLF SEZ cost Rs 35-38 a square foot. That is 10-15% less than in other metros. That is why company officials believe that not only is there room for appreciation, but there is little chance of a price correction.

  

"Chennai has a lot of land that is not yet developed and has not yet been taken up; the land banks are available in plenty and even if the land prices go up in the centre of town, one need not be present in the centre of the town, you can be on the outskirts of the town," feels Minocha.

 

DLF is also building two malls totaling 10 lakh square feet, which are expected to be ready by January 2009.The company is acquiring land along old Mahabalipuram Road to build an integrated township.All these projects are in anticipation of the five-lakh new professionals that the city is expected to attract for its booming IT, electronics and automobile industries within the next five years.