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Tidel Park phase II at two locations

Our Bureau

CHENNAI, Dec. 13

THE second and larger software park, modelled on the lines of the Tidel Software Park, is expected to cover about two million sq ft. The second phase will be spread out over two locations.

A market study conducted by CB Richard Ellis South Asia Pvt Ltd, real estate services company, has assessed the demand for space by software companies in Chennai at two million sq ft over a two-year period. CB Richard Ellis is also the O&M contractor for the Tidel Park.

The study was commissioned by the Tidel Park Ltd, which had set up the 1.2-million sq ft software park in Taramani, Chennai. This park was inaugurated on July 4, when the Chief Minister, Mr M. Karunanidhi, announced that Tidel Park-II would be taken up.

According to sources, the Government has decided to spread out the second phase over two locations. One of these will be a 12-acre piece of land close to the Raj Bhavan. The other location will be in Taramani close to the Tidel Park.

The sources said the facility near Raj Bhavan would at the most be only 5,00,000 sq ft as there would be restrictions on the number of floors that can be constructed due to security considerations. The remaining 1.5 million sq ft will be in Taramani.

Financial consultants will be appointed to work out the cost of the whole project. As it is, the proposal is to execute the project through Tidel Park Ltd, in which the Tamil Nadu Industries Development Corporation (TIDCO) and the Electronics Corporation of Tamil Nadu (ELCOT), both State Government undertakings, public sector banks, financial institutions and the EPC contractor have equity stake

However, a decision on whether the second phase will also be constructed through the existing equity partners or whether others will be roped in will be taken only after the cost is worked out, according to the sources.

In the first project, TIDCO and ELCOT together hold a 26 per cent stake with the EPC contractor, public sector banks and financial institutions holding the balance equity. This 1.2 million sq ft facility has been fully booked.