DLF bids highest for Tidel-II

September 25, 2007	(2 votes, average: 5 out of 5)  Loading ...
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DLF Ltd, India’s largest real estate development company, has emerged as the highest bidder for establishing the Tidel-II, the second IT/ITes SEZ in Chennai.

DLF made a bid of Rs 26.07 crore an acre for the 26-acre property at Taramani and take the total bid amount to Rs 660 crore in the closed bids called by Tamil Nadu Industrial Development Corporation.

DLF bid at a rate of Rs 5,757 per sq ft for the property including 11.32 lakh sq ft. Other real estate developers bidding for the property were Ascendas, RMZ Corp, and Prestige Group.

The property is located adjacent to American International School off the IT corridor. The land will see over 2.6 million sq ft built up space. There was a stiffer competition among the developers as the project is likely to be one of the significant landmarks in Chennai.

Since monthly IT space lease rents in the area hover around Rs 47-50 per sq ft, the bid is believed to be an attractive investment. It could be well covered under the project with cost including the land costing Rs 1,500 crore.

The project is likely to strengthen Chennai’s position as a centre for IT/ITes companies. With a high proliferation of IT companies in Chennai, demand for commercial properties or rental properties are likely to increase.

News Published Under:   Special Economic Zones |

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