Tata Realty Secures Rs 825 Crore Funding for Cutting-Edge Green IT Park in Chennai
Tata Realty has secured Rs 825 crore from IFC to refinance its green commercial project in Chennai, Ramanujan Intellion Park, which boasts sustainable features and hosts thousands of professionals.
Green Real EstateSustainable DevelopmentTata RealtyRamanujan Intellion ParkChennaiReal Estate NewsJul 08, 2024
Located strategically along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone. The park hosts between 40,000 to 60,000 professionals across its six buildings daily and includes the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone.
Sanjay Dutt, MD & CEO of Tata Realty, said, 'The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park.' This funding would enable the company to continue its leadership in green building practices.
The IT park boasts a total leasable area of about 4.67 million sq ft of IT/ITES commercial office spaces. This financing initiative is a part of Tata Realty's broader commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India.
Imad N Fakhoury, IFC's Regional Director for South Asia, said, 'Business parks are key to greening the real estate sector, and Tata Realty's Ramanujan Intellion Park is at the forefront of this transformation.'
Information Tata Realty and Infrastructure Ltd is a 100 per cent subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities. Tata Realty and Infrastructure Ltd has developed around 17.6 million square feet of commercial projects and has around 16.7 million square feet of projects under development & planning.
International Finance Corporation (IFC) is a leading international organization that provides financing for private sector projects in developing countries.
Frequently Asked Questions
How much funding has Tata Realty secured from IFC?
Rs 825 crore
What is the name of the green commercial project in Chennai?
Ramanujan Intellion Park
What is the total leasable area of the IT park?
About 4.67 million sq ft of IT/ITES commercial office spaces
How many professionals are hosted in the IT park daily?
Between 40,000 to 60,000 professionals
What is the purpose of the funding secured by Tata Realty?
To refinance its green commercial project in Chennai and to continue its leadership in green building practices
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