Emaar MGF plans to roll out IT parks on behalf of Digital Greens across IT cities. The building will be first unveiled in Chennai real estate and this will be replicated in other IT cities such as Hyderabad, Gurgaon, Mohali and Pune.
Mr. Shravan Gupta, Executive Vice President and General Manager, Emaar MGF said that real estate in cities like Chennai have good demand for Information Technology and IT Enabled Services.
But with the rupee to ration the evolution of the dollar and a dent in Indian exports of software, will continue to drive the property or will they look for alternate drivers of commercial real estate. Shravan Gupta says that the IT sector has acted as a catalyst to date in commercial real estate in Chennai and other parts of the country. Currently there is enough momentum in the market to take slowdown in the sectors of commercial real estate. It can be good office space, shops, showrooms and a plethora of options in commercial real estate.
Interestingly, Emaar MGF has zeroed in on most of these cities TI premium for their residential real estate developments as well. So if it is Mohali Hills at Chandigarh or Esplanade in Chennai real estate markets or Boulder Hills in Hyderabad. Mohali Hills is an integrated township on the outskirts of Chandigarh and it comprises residential plots, villas and hi-rises. According to Shravan Gupta, “We have received positive response to this project and have marketed 1,000 acre already.” Esplanade, which runs on about 14 hectares, is one of the largest residential properties in Chennai
jurisdiction of the Authority Chennai Metropolitian Development. Launched in Decemeber, the first phase of the project has already been sold. Boulder Hills Golf & Country Club is a world class leisure and residential community, a development of 60 acres just outside of Microsoft and near Indian School of Business.
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