Tata Realty, the Tata Group's real estate development arm, has secured Rs 825 crore loan from the International Finance Corporation (IFC) for its Ramanujan Intellion Park in Chennai, the company said on July 8.
This funding is earmarked for the strategic refinancing of the business park and is part of Tata Realty's commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India.
The company said that Ramanujan Intellion Park, sprawling 4.67 million sq ft, has achieved a complete reduction of emissions through renewables or carbon off-sets, saving more than 20 percent on water and embodied energy in materials while attaining over 42 percent energy savings on-site.
"IFC's investment highlights the pivotal impact that climate-focused financing has in driving substantial environmental progress and will support TATA Realty to expand its portfolio of net zero carbon buildings," Imad N. Fakhoury, IFC's Regional Director for South Asia said.
To date, TATA Realty and Infrastructure Limited has developed about 17.6 million sq ft of commercial projects and has about 16.7 million sq ft of projects under development and planning.
The company plans to launch 9 million sq ft of residential real estate inventory aiming at a topline of Rs 11,000 crore in the next four years with a 70 percent focus on premium luxury projects followed by aspirational affordable and mid-segment, Sanjay Dutt, Managing Director and Chief Executive Officer at TRIL, previously told Moneycontrol.
The company also plans to launch a 36-villa project in the Maldives and has a mixed-use project in Sri Lanka under the planning stage.
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