In a development that adds heft to Chennai’s reputation as an attractive destination for IT/ITeS companies, L&T Realty, the property development arm of engineering conglomerate L&T, has planned to develop 6.5 million sq-ft of mixed IT and residential complex on 40 acres of land at Manapakkam on Mount Poonnamallee Road in the city.
The project, expected to be competed by 2025-26, will offer employment to 60,000 IT professionals. To be developed as L&T Innovation Campus, the project will include 5.5 million sq-ft of Grade A IT space and one million sq ft of residential space, sources said. This will be one of the biggest projects in Chennai in recent times, with residential complex encompassing 1,000 to 1,200 units. While land is owned by L&T group company, the construction will be undertaken by L&T. I.
“It will be a world-class development and we have large MNCs as our clients. We will start marketing this project soon. While the location and master-plan are excellent, it will be a great destination for top class discerning clients” Shrikant Joshi, managing director and CEO, L&T Realty told further he continued “L&T Innovation Campus is a mixed-use development, where people can live, work and play in one location. L&T Real play in one location. L&T Realty undertakes large developments and this is a very important project for us”
While IT parks will account for 32 acres, the residential development will come up on eight acres. While Aedas, Hong Kong has done the master-plan, the project will be a LEED gold rated green building. “Since L&T is a well known brand in the real estate space, we will do all necessary marketing investments including international road shows at an appropriate time,” Joshi pointed out. The first phase of the project is expected to be ready for fit-outs by April, 2022.
By which time, international property consultants hope that the markets will stabilize and open up in a big way for future growth. The project has been designed to have user-friendly floor plates, ranging from 50,000 to 60,000 sq.ft per floor. The whole project will have multiple towers and is expected to be a game changer in Grade A assets in Chennai, expected to attract global giants in BFSI sector.