DLF to build Rs550-cr campus for StanChart GBS in Chennai

Chennai: Realty major DLF on Monday announced an investment of around Rs550 crore to construct a one-million-square-feet office building for Standard Chartered Global Business Services' largest campus globally.

Tamil Nadu Chief Minister M K Stalin laid the foundation stone of the office campus in 'DLF Downtown' project at Taramani in Chennai. In October 2020, DLF had pre-leased 7.7 lakh square feet office space to Standard Chartered Global Business Services (GBS) and the latter has an option to take the remaining area.

"We are developing a one-million-square-feet building, which has two blocks, for Standard Chartered GBS. The total construction cost is estimated at around Rs 550 crore," Sriram Khattar, managing director of DLF Rental Business, said. The DLF Downtown-Chennai project, spread over 27 acres and comprising 6.8 million square feet area, is being developed by DLF Cyber City Developers Ltd (DCCDL) with an investment of Rs 5,000 crore.

DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC. In the first phase, DLF is constructing a total of 3.3 million square feet area, including one million square feet building for Standard Chartered. The construction of 2.3 million square feet is already undergoing and will be completed by the end of next fiscal, while the Standard Chartered campus will be completed by mid-2024.

Khattar said the company has a presence in the state since 17 years and operates the largest IT SEZ 'DLF Cybercity, Chennai' at Manapakkam comprising 7.2 million square feet area. This SEZ has contributed a cumulative export revenue of about Rs 84,000 crore since its inception and around 70,000 professionals are working, he added.