Prestige to develop 1.1m sqft IT park on 7 acres in Chennai

CHENNAI: Bengaluru-based property developer Prestige Group has entered into a joint venture agreement with Chennai-based WS Industries to develop a 1.1 million sqft IT park on seven acres of prime land located on the Mount-Poonamallee Road.

“Even though this is a JV deal and does not involve sale of land, if one has to value the land at Rs30 crore per acre, the project cost, including that of land, would be in the range of 750 crore to 800 crore,” multiple sources in the property development industry told TOI.

The 1.1 million sqft park will be almost as big as Tidel Park (1.2 million sqft), which was the first mega tech park to come up in the city in 2000.