Tata Realty has secured a loan of Rs 825 crore from the International Finance Corporation (IFC) to refinance its green commercial project in Chennai. This funding will be used to refinance Ramanujan Intellion Park in Chennai, which will save over 20% on water and materials, as well as over 42% on energy consumption.
Ramanujan Intellion Park, located on Old Mahabalipuram Road (IT Motorway) in Taramani, Chennai, spans 25.27 acres and includes both a Special Economic Zone (SEZ) processing area and a non-processing zone.
Tata Realty’s MD & CEO, Sanjay Dutt, stated that the financing from IFC is a strategic investment to improve the sustainability and climate resilience of Ramanujan Intellion Park.
Dutt stated that this funding would allow the company to maintain its leadership in green building practices.
Tata Realty’s fully owned and operational IT park serves 40,000 to 60,000 professionals daily across six buildings.
The IT park features the Taj Wellington Mews Hotel, which provides 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone.
Tata Realty’s financing initiative is part of their commitment to advancing sustainability and improving green commercial spaces in India, according to the company statement.
The funds will integrate cutting-edge sustainable technologies and practices into this flagship asset, which has a total leasable area of 4.67 million sq ft of IT/ITES commercial office spaces.
According to IFC’s Regional Director for South Asia, Imad N Fakhoury, business parks play an important role in greening the real estate sector. Tata Realty’s Ramanujan Intellion Park is leading this transformation.
Tata Realty and Infrastructure Ltd is a 100% subsidiary of Tata Sons and one of India’s leading real estate development companies, with over 50 projects in 15 cities.
Tata Realty and Infrastructure Ltd has developed approximately 17.6 million square feet of commercial projects and has another 16.7 million square feet in development and planning.