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Chennai: Bengaluru based property developer Prestige Group has entered into a joint venture agreement based in Chennai WS Industries To develop a 1.1 million sq ft IT park on seven acres of prime land located at Mount-Poonamallee Road,
“Even though it is a joint venture deal and does not involve land sale, if one were to put the land value at Rs 30 crore per acre, the project cost including land would be between Rs 750 crore and Rs 800 crore. multiple industry sources told TOI.
The 1.1 million sq ft park will be almost as large as Tidal Park (1.2 million sq ft), which was the first mega tech park to be built in the city in 2000.
Mount-Poonamallee Road is emerging as the third IT corridor of the city after OMR and Radial Road. The section connecting Nandambakkam and Porur already has the DLF IT Park at Manapakkam, apart from tech park developments by L&T (since acquired by Capitaland), Rahejas and . rmz, The ongoing Metro Rail project on this road is boosting connectivity.
“WSI is excited to partner with Prestige Group and is confident that this will be a prestigious and landmark development in Porur, the emerging IT hub of Chennai,” said Nagarajan Seyyadurai, President, WSI.
Started in 1962, WS Industries (WSI) was manufacturing insulators and other electric equipment at this location. It ran into financial problems and ceased operations in 2010. A new set of promoters took over the reins of the company in 2022 and it finally became debt free.
Recently, WSI has acquired about 250 acres of land at Sunguvarchatram and plans to promote a logistics and light engineering hub. The company is focusing on the infrastructure sector and has a good pipeline of projects.
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