UK-headquartered Standard Chartered Global Business Services is set to move all of its employees from four locations in Chennai to a new, integrated facility at the DLF Downtown campus in the city by 2025, people aware of the matter said. They added that the new campus will be Standard Chartered’s largest campus globally.
DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC, is developing the IT park with an investment of Rs 5,000 crore at Tharamani in Chennai.
Also Read: DLF to invest Rs 5,000 crore in IT park project in Chennai
Confirming the development, Standard Chartered GBS said that staff from all four offices, including in Haddows Road, Nungambakkam, will be shifted to the new campus, which will be the firm’s biggest office globally.
“The 5.4 acre Haddows Road campus is an owned property of Standard Chartered and a decision (on the future of the property) will be taken at an appropriate time,” a representative for Standard Chartered GBS told Moneycontrol.
The development was also confirmed by listed real estate developer DLF, which is constructing the IT Park. Both the companies, however, refused to disclose financial details such as rentals.
According to real estate experts, office rentals in the Tharamani area oscillate between Rs 60 and Rs 95 per sqft per month.
People aware of the development said that the integrated facility at DLF Downtown will have around 7,000 seats. The new campus will have an employee-centric design with hybrid work arrangements aimed at enhancing productivity and engagement.
The foundation for the 6.8 million square feet (mn sqft) commercial project in DLF Downtown, spread over 27 acres, was laid on January 23. The entire campus in Tharamani is expected to be ready by 2026.
Office space in demand
According to real estate experts, Tharamani has emerged as a major commercial hub in recent years in Chennai with the presence of a number of multinational companies, particularly along the IT corridor. According to real estate experts, office space rentals have seen around 10-11 percent growth in the last one-and-a-half years.
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Sanjay Chugh, City Head (Chennai), ANAROCK Group, a real estate consultancy, said that Tharamani is known for IT parks and numerous government educational and research institutions. It is located close to the upmarket Adyar and Besant Nagar residential areas.
“The office rentals have risen in the range of 10-11 percent during the past 12-15 months in the micro-market. Currently office rentals in Tharamani are in the range of Rs 60-95 per sqft per month. The office demand has always been good in this micro-market, and with IT businesses booming amidst the ongoing digitisation drive, future sentiments look good for this region,” Chugh told Moneycontrol.
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He added that office space demand can be gauged by the fact that several big players have shifted their offices to the area. LTI Mindtree, Qualcomm, and Deloitte are some of the big players that have recently leased office space in the region, he said.
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