IBEF: January 24, 2020
DLF intends to invest Rs 5,000 crore (US$ 715.4 million) in phases to develop a new 6.8 million sq ft commercial project, DLF Downtown in Chennai's Taramani locality. This is the fourth project by DLF in the city, said Mr Mohit Gujral, CEO, DLF.
He said that the company will start the construction of DLF Downtown with 2.5 million sq ft of built-up area in the first phase. The foundation stone of DLF Downtown was laid by Tamil Nadu Chief Minister Mr Edapaddi K Palaniswami.
In recent years, Taramani has emerged as a major commercial area. DLF along with Tidco in a joint venture is developing a campus spread over 27 acres. This Taramani project is expected to create around 70,000 job opportunities and 6,000 ancillary employment opportunities once it is fully operational, said Mr Gujral.
He further added that Chennai will become DLF's second largest market after Gurugram.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.