DLF announces investment of Rs550cr to construct office building in Chennai

14 Mar 2022 , 03:49 PM

DLF Ltd., a realty major, announced that the company is seeking an investment of around Rs550 crore to construct a one-million-square-feet building for office purposes. The company will be executing this project for Standard Chartered Global Business Services’ largest campus globally.

Chief Minister, Tamil Nadu, M K Stalin laid the foundation stone of the office campus in the DLF Downtown project at Taramani, Chennai.

The company has also pre-leased 7.7 lakh square feet of office space to Standard Chartered Global Business Services (GBS) with an option to lease the remaining area.

The new building will have two blocks and the total estimated cost is Rs550 crore.

The DLF Downtown-Chennai project comprises a 6.8 million square feet area and is spread over 27 acres with a total investment of Rs5,000 crore.

In the first phase of the assignment, DLF is constructing a total 3.3 million square feet area, out of which, 1 million square feet will be for the Standard Chartered campus, and is anticipated to be completed by mid-2024.

The said project is designed has a platinum LEED Certification by US Green Building Council.

DLF Ltd ended at Rs343.45 down by Rs10.2 or 2.88% from its previous closing of Rs353.65 on the BSE. It has touched an intraday high and low of Rs356 and Rs340.75 respectively.