Tata Realty announced on Monday the successful acquisition of a Rs 825 crore loan from the International Finance Corporation (IFC) to refinance its pioneering green commercial project, Ramanujan Intellion Park, in Chennai. This funding marks a significant step in the company’s commitment to sustainable real estate development.
Ramanujan Intellion Park, a flagship development of Tata Realty, is strategically situated along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai. Spanning 25.27 acres, the park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone. The project is lauded for its exemplary sustainability features, including a complete reduction of emissions through renewable energy sources and carbon offsets. The park has achieved over 42 per cent energy savings on-site, and more than 20 per cent savings on water and embodied energy in materials. A Tata Realty spokesperson commented, “The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park.” This infusion of capital will allow Tata Realty to maintain its leadership in green building practices and continue setting new standards in the commercial real estate sector.
Ramanujan Intellion Park is a fully operational IT park, hosting between 40,000 to 60,000 professionals across its six buildings daily. The facility also includes the Taj Wellington Mews Hotel, offering 112 serviced apartments, and a 1,500-seater convention centre in its non-processing zone. The project boasts a total leasable area of approximately 4.67 million square feet dedicated to IT/ITES commercial office spaces. The refinancing initiative aligns with Tata Realty’s broader commitment to advancing sustainability and elevating the standard of green commercial spaces across India. The secured funds will further integrate state-of-the-art sustainable technologies and practices into the Ramanujan Intellion Park, enhancing its eco-friendly infrastructure.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons, is one of India’s leading real estate development companies. The company boasts an extensive portfolio of over 50 projects spread across 15 cities. To date, Tata Realty has developed around 17.6 million square feet of commercial projects and has approximately 16.7 million square feet of projects under development and planning. This strategic move underscores Tata Realty’s ongoing dedication to sustainable development and its role in shaping the future of green commercial real estate in India. The Ramanujan Intellion Park stands as a testament to the company’s innovative approach to creating eco-friendly, sustainable workspaces.
