Digital Green- the it Park for Chennai Real Estate

By: George Gonigal

Emaar MGF plans to roll out IT Parks in the name 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 Chairman and Managing Director, Emaar MGF says that real estate in cities like Chennai have good demand for Information Technology and IT Enabled Services.

But with the changing rupee to dollar ration and a dent in India's software exports, will IT continue to drive the real estate or will they look for alternate drivers of commercial real estate. Shravan Gupta says that the IT sector has acted as a catalyst so far in the commercial real estate in Chennai and other parts of the country. Right now there is enough momentum in the market to take on slowdown in any segments of commercial real estate. There is scope for good office spaces, shops, showrooms and a plethora of options in commercial real estate.

Interestingly, Emaar MGF has zeroed in on most of these IT cities for their upscale residential real estate developments as well. So whether it is Mohali Hills at Chandigarh or Esplanade in 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 overwhelming response to this project and have marketed 1,000 acre already." Esplanade, which is spread over approximately 14 acres, is one of the largest residential properties in Chennai within the

jurisdiction of the Chennai Metropolitian Development Authority. Launched in Decemeber, the first phase of the project has already been sold out. Boulder Hills Golf and Country club is a world-class leisure and residential community, a 60 acre development just outside Microsoft and near Indian School of Business.

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