Embassy Group has partially acquired a stalled SEZ project in Chennaifrom SNP Infrastructure for an undisclosed amount, two people aware of the development said. The 26-acre property on Thoraipakkam-Pallavaram road is close to the airport. Land on Pallavaram road costs about Rs 20 crore per acre.
The project, a 30 acre SEZ property near Vel’s university on Thoraipakkam-Pallavaram radial road in Chennai will be known as Embassy Splendid TechZone.
The Bhoomi Pooja held on 15th June was attended by Embassy group and SNP Infra team members. Phase 1 of this project will be 2 million sq. ft. is expected to be completed in 2019.
Speaking on the occasion, Mike Holland, CEO Embassy Office Parks said, “Embassy Splendid Tech Zone, Chennai is strategically located less than 4 km from the Chennai airport, easily accessible from both OMR and GST roads, and served by Pallavaram & Velacherry railway station with strong local and residential neighbourhoods which can cater to, and benefit from, the planned IT SEZ. The location is elevated which gives natural protection from flooding and support to business community needs. Corporate occupiers could not wish for a more strategic location. We are already seeing strong demand from both residential and commercial users in this location”
Mr PR Gopal Raju, Chairman, SNP Infrastructure said, “We are happy to partner with Embassy Group for this venture and we look forward to recommencing construction of our first 2 m sq. ft. of SEZ offices at the earliest.”
Recently two of the existing Embassy SEZ’s in Bangalore were acknowledged as Best Performing SEZs in India . Embassy Manyata Business Park promoted by M/s. Manyata Promoters Private Limited and Embassy TechVillage promoted by M/s. Vikas Telecom Private Limited have been awarded with Certificate of Excellence by the Ministry of Commerce and Industry. Embassy Manyata Business Park and Embassy Tech Village were both notified as Special Economic Zones in 2006 and both have lived up to the objectives of the SEZ regime, which is to promote infrastructural development, generate employment, promote exports. These awards further acknowledge the market leading performance of the Embassy SEZ’s.
Phase 1 of this project will be 2 million sq. ft. and is expected to be completed by 2019. The SEZ is less than 4 km from the Chennai airport, easily accessible from both OMR and GST roads, and served by the Pallavaram & Velachery railway station. The estimated potential area of the Chennai park, that includes both SEZ and Non-SEZ areas is 4.5 million sq. ft.