Tata Realty Raises Rs 825 Crore To Refinance Chennai Green IT Park Project

Tata Realty and Infrastructure Ltd. on Monday said it has secured Rs 825 crore loan from the International Finance Corp. to refinance its green commercial project in Chennai. The funding is earmarked for the strategic refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate, the company said.

Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon off-sets, saving more than 20% on water and embodied energy in materials while attaining over 42% energy savings on-site.

Located strategically along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone.

"The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park," said Sanjay Dutt, managing director and CEO. He said this funding would enable the company to continue its leadership in green building practices.

Elaborating more on the project, Tata Realty said this fully owned and operational IT park hosts between 40,000 to 60,000 professionals across its six buildings daily.

The IT park includes the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone.

This financing initiative is a part of Tata Realty's broader commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India, the statement said.

The funds will further integrate state-of-the-art sustainable technologies and practices at this flagship asset, which boasts a total leasable area of about 4.67 million sq ft of IT/ITES commercial office spaces.

Imad N Fakhoury, IFC's Regional Director for South Asia, said, "Business parks are key to greening the real estate sector, and Tata Realty's Ramanujan Intellion Park is at the forefront of this transformation."

Tata Realty is a wholly-owned subsidiary of Tata Sons and one of the leading real estate development companies in India with an extensive portfolio of over 50 projects across 15 cities. The company has developed around 17.6 million square feet of commercial projects and has around 16.7 million square feet of projects under development & planning.