Tata Realty Secures Rs 825 Crore Loan from IFC for Sustainable IT Park in Chennai
Tata Realty has raised Rs 825 crore from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai, Ramanujan Intellion Park, a landmark development in sustainable real estate.
Tata RealtyIfcSustainable Real EstateGreen Building PracticesRamanujan Intellion ParkReal EstateJul 08, 2024
Located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park is a fully operational IT park that hosts between 40,000 to 60,000 professionals daily. The park features six buildings, including the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre.
Sanjay Dutt, MD & CEO of Tata Realty, said that the financing from IFC is a strategic investment in advancing the company's efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park. The funding will enable the company to continue its leadership in green building practices and integrate state-of-the-art sustainable technologies and practices at the flagship asset.
Ramanujan Intellion Park has achieved several sustainability milestones, including a complete reduction of emissions through renewables or carbon off-sets, saving more than 20 per cent on water and embodied energy in materials, and attaining over 42 per cent energy savings on-site. The park's unique features make it a landmark development in sustainable real estate.
Imad N Fakhoury, IFC's Regional Director for South Asia, said that 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. The company has developed around 17.6 million square feet of commercial projects and has around 16.7 million square feet of projects under development and planning.
The International Finance Corporation (IFC) is a global development institution that promotes sustainable private sector growth in developing countries. IFC has been a key partner in India's growth story, providing financing and advisory services to businesses and governments alike.
Frequently Asked Questions
How much funding has Tata Realty secured from IFC?
Rs 825 crore
What is the purpose of the funding?
To refinance Ramanujan Intellion Park, a landmark development in sustainable real estate
What are the sustainability features of Ramanujan Intellion Park?
Complete reduction of emissions through renewables or carbon off-sets, saving more than 20 per cent on water and embodied energy in materials, and attaining over 42 per cent energy savings on-site
What is the total leasable area of Ramanujan Intellion Park?
Around 4.67 million sq ft of IT/ITES commercial office spaces
What is the significance of this funding for Tata Realty?
It enables the company to continue its leadership in green building practices and integrate state-of-the-art sustainable technologies and practices at the flagship asset
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