Ascendas-Signbridge acquires land in Pallavaram for building IT park
Posted on: 25/Dec/2018 10:26:41 AM
Two land deals were made in Chennai recently and it has caught the attention of many now. On the Pallavaram Radial Road is present a 12.20 acres of land and this land was purchased by the Singapore based company’ Ascendas’.
Many people of Chennai city would be aware of the Gokul Kalyana Mandapam in Alwarpet and this Kalyana Mandapam has been purchased by a city hotelier for an amount of nearly Rs 150 crores. The point to be noted is this deal was the 6th investment of Ascendas in the city of Chennai. This group would be constructing an IT park of 2.3 million sq ft . It is known that Ascendas is a real estate company that is involved in giving business space solutions to the corporations plus local enterprises and research organisations in Asia.
G. Square Zamin Private Ltd owns the land in Pallavaram and it was taken by the Indian arm of the Singapore based firm Ascendas. In the past G. Square group, land aggregator, played its part and helped many popular companies such as CEAT, TVS, Murugappa group etc to acquire lands for their projects. It must be noted that the company that the Ascendas acquired aggregated and acquired the lands, partly bankrolled by Piramal group for nearly Rs 140 crores. The amazing piece of information is Ascendas is already managing an IT park in Taramani, a logistics hub in Oragadam, an integrated township near Mahabalipuram and IT Park in the Mahindra City.
Mr. Vikram Agarwal, hotelier acquired the Gokul Kalyanana Mandapam located in C.P. Ramaswamy Road in Alwarpet for an amount of nearly Rs 150 crores. This land is of 30 grounds and would have a hotel built there in the future. For those who are not aware of the business activities of Mr. Vikram Agarwal, he owns Radisson Blu Hotel in Egmore and a beach resort named Fortune Select Palms on the ECR in Chennai.
It is important to mention that the lack of quality office space for both IT as well as for the commercial sectors has been the cause of worry for the Chennai based industry. As per Knight Frank report, it is clear that Bengaluru consumed 11.7 million sq ft of office space in the year 2017 and Chennai city just touched 4.5 million sq ft of office space.
Mr. S. Ramaswamy, senior consultant Asset Advise, explained about the shortfall in the quality IT space supply in key micro markets including those inside the city limits. He then said that the resultant impact is reduced absorption. He spoke about how this year the industry absorbed just 3.4million sq ft of space when compared to the 4.5 million sq ft of space absorbed in the previous year. He finally commented on the demand for large sized quality tech space being high but the supply being few. Only by middle of the year 2020, fresh supply would be expected in Chennai.
