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Development of Chennai IT Parks

Chennai City is witnessing a change in the concept of development of large-scale projects with the entry of big developers from outside the city planning integrated townships here. In 2003-04 land prices on the OMR have risen more than 40 per cent. In Shollinganallur, along the OMR, rates are approximately Rs 6.25 crore per hectare ($2471/sqm). The current land rate in Guindy ranges within Rs 40-50 lakh a ground ($408-510/sqm), while at Ambattur it is Rs 8-10 lakh per ground ($82-102/sqm). Chennai is the fourth largest metropolitan city in India and is the capital of Tamil Nadu. The presence of IT and ITES sector in the southern part of the city has led to a fast development of residential areas like Velachery. Chennai city is changing trends in economy as well as urban growth. The rise in demand is further assured by the government incentives to various IT companies by providing infrastructure by setting up IT Parks like TIDEL Park and SIPCOT Park. Chennai has been growing predominantly on the south side.

Old Mahabalipuram Road (OMR) has attracted most of the real estate development in Chennai in the last 3 years after being declared as the IT Corridor. IT and related services companies have taken up about 90 per cent of the commercial space, in the last two years. The city is now the second largest exporter of IT and IT enabled Services in the country behind Bangalore. The IT Corridor, on Old Mahabalipuram Road in the southeast of the city houses several technology parks, and, when completed, will provide employment to close to 300,000 people.

The Pacifica companies - real estate developer in Ahmedabad has developed the state-of-the-art integrated IT park in Chennai of about 1.1 million sq.ft. At OMR of about 7.29 acres the city still needs to offer quality ready built space and developed land targeting technology and outsourcing companies of different sizes. The need of the hour is to have a healthy mix of Multi Tenanted Buildings. There is a tremendous opportunity for landlords owning land on and off the IT Highway (OMR) to come up with multi tenanted buildings and mini business parks targeting the big IT names.

OMR is becoming the preferred destination for IT and BPO companies mainly because the prices are significantly lower than in the city. If the trend in land price increase continues, there will not be much of a difference between office rentals in OMR and the city, thereby making OMR a not-so-attractive destination, as compared to others that are closer to employee catchments zones and also having better road infrastructure. It has been observed that cities which have business conditions such as, a critical mass of blue chip companies, a quality labour force, an attractive and safe environment and desirable office space in which to operate, have been able to attract high growth tech sectors. Chennai, which was only lacking in the last business condition, is catching up fast as the quality of office space improves. 2005 was the best year in terms of office space absorption that Chennai has seen. The city of Chennai, though small in comparison to other metropolitan cities of India, has had an identity of its own that is unique, yet obvious. With proper infrastructure also in place Chennai real estate is all set to boom. OMR is becoming the preferred destination for IT and BPO companies mainly because the prices are significantly lower than in the city.
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