CapitaLand marks construction commencement of International Tech Park Chennai, Radial Road
CapitaLand marks construction commencement of International Tech Park Chennai, Radial Road in virtual ceremony graced by Tamil Nadu Chief Minister
Singapore, 27 July 2020 – CapitaLand, one of Asia’s largest diversified real estate groups, today unveiled International Tech Park Chennai (ITPC), Radial Road in a virtual ceremony graced by Shri Edappadi Palaniswami, Honourable Chief Minister of Tamil Nadu. This marks the construction commencement for the first phase of the 23.3-acre IT park. ITPC, Radial Road has 4.6 million sq ft of development potential for premium Grade A office space.
Mr Vinamra Srivastava, CEO, Business Parks, CapitaLand India, said: “Chennai is one of our key markets for growth. It is the most diversified market for us in India and we have invested in IT parks, industrial townships, warehousing and lodging in the city. With both operational CapitaLand IT parks in Chennai – ITPC at Taramani and CyberVale fully occupied, our ITPC, Radial Road will offer more options for IT and IT-enabled services (ITeS) companies to expand their businesses in the city. We will continue to balance our growth across key markets in India as we look to increase our assets under management in the country. To achieve this, we are investing in developing a strong pipeline of projects and working with potential capital partners to grow our fund management business in India in the next few years.”
Located along Chennai’s IT corridor, ITPC, Radial Road will be developed in phases and it has been pre-certified with a Platinum rating by the Indian Green Building Council. Phase 1 will comprise two buildings offering 2.6 million sq ft of premium Grade A office space for IT and ITeS companies. The first and second blocks will be operational by Q4 2022 and Q2 2024 respectively. When fully developed, it will have amenities such as restaurants, food courts, fitness centre, clinic, childcare centre and event spaces.
The project is accessible by several main roads and is well-connected to Chennai International Airport. It is also located close to residential properties, educational institutions and hospitals. The park is conceptualised to have sustainable and resilient design solutions with focus on safety, health, wellness, and technology integration such as contactless features and app-based solutions among others.
Dr C Velan, City Head, Chennai Operations, CapitaLand India, said: “With over 15 years of experience in Chennai, we are bringing state-of-the-art office space at ITPC, Radial Road, and best-in-class asset management services to our clients. This park is another demonstration of CapitaLand’s commitment to sustainability. Designed with green features to achieve water and energy efficiencies such as the 75% naturally lit office spaces as well as luscious landscape complementing Chennai’s weather and ecosystem, it will be a draw as tenants are increasingly placing sustainability as a top priority.”
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Unveiling of International Tech Park Chennai, Radial Road
In India, CapitaLand has a strong presence with a portfolio of over 20 business and IT parks, industrial, lodging and logistics properties across seven cities – Bangalore, Chennai, Goa, Gurgaon, Hyderabad, Mumbai and Pune.
The Group is a key contributor to India’s IT industry development, having pioneered the renowned International Tech Park Bangalore in 1994. CapitaLand has deep expertise in India across the full real estate value chain - from owning, developing and managing properties to fund management through Ascendas India Trust and private funds.