Realty major, DLF will invest about Rs 500 crore to develop 1.6 million sq ft IT Park in Chennai as the commercial real estate market has picked up in major cities. The country’s largest realty firm has exhausted its commercial space stock by leasing out over 32 million square feet. It expects to earn about Rs 2,700 crore rental income in the current fiscal year from its portfolio. The company has an IT SEZ in Chennai, comprising 5.7 million square feet of area. About 4 lakh sq ft of space has been pre-leased. The two towers out of three would be completed by the middle of next year. The construction work is being done by Malaysian firm Eversendai. IT Park would have sports, entertainment and F&B hub in the central pavilion. DLF had last year started construction of an office complex in Gurgaon comprising over 2 million square feet area at a cost of about Rs 900 crore. The leasing of office space has picked up in the seven major cities of the country. DLF had announced in October last year that its promoters would sell 40 per cent stake in the rental arm DLF Cyber City Developers Ltd (DCCDL).
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