The Hindu Business Line : Marg Constructions plans three IT parks in Chennai

MARG Constructions Ltd will be investing Rs 200 crore to develop three information technology (IT) parks at Karapakkam on the Old Mahabalipurm Road here.

Mr G.R.K. Reddy, Managing Director, Marg Constructions Ltd, said that the company has developed a 2.4 lakh sq ft IT office facility at Karapakkam, which has been leased to TCS.

Three years ago, the company had built up a land bank of 15 acres at Siruseri and at Karapakkam and now has plans for a residential complex and three IT parks with a total of 6.5 lakh sq ft. Two of the IT parks are nearing completion while the third one is in the planning stage, he said.

The company also has plans to set up service apartments at Siruseri. This project is set in four acres. The total built-up area will be 1.84 lakh sq ft with row houses, three and two bedroom apartments. There will be 84 apartments and all the services will be outsourced.

These apartments will cater mainly to the personnel who work in the IT companies on this stretch. The total project cost is about Rs 40 crore.

Marg Constructions also plans a complex of `estate homes' between Chennai and Pondicherry. In phase one there will be 300 houses set in 350 acres. Each house will on a 0.75 acre plot. The project cost for the first phase would be about Rs 70 crore, Mr Reddy said.

The project will have a convenience store, school and clubhouse. In the second phase, the company plans to develop a golf course. The master plan for the entire project covers 600 acres.

The company recently entered into a Memorandum of Understanding with Housing and Urban Development Corporation Ltd (HUDCO). Once the joint venture agreement is signed, the combine will bid for the fishing harbour project in Kanyakumari district.

Mr Reddy said that the plan was to set up a special purpose vehicle with equity participation from all stakeholders like the fishermen, cold storage operators, diesel suppliers and the Marg HUDCO combine. The fishermen will have representation on the Board, he said. The project will be developed on a build operate and transfer basis and total project cost will be about Rs 25 crore.

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