One of India's major real estate players DLF has announced that it will be investing Rs 5,000 crore to build a commercial project in Chennai.
DLF is well-known for its projects in Delhi-NCR, particularly Gurugram.
The amount will be invested in Chennai by DLF in a phased manner, to develop a 6.8 sq feet commercial project to be known as DLF Downtown, news agency PTI reported.
The foundation stone of DLF Downtown was laid by Tamil Nadu Chief Minister Edappadi K Palaniswami.
DLF Downtown, which will be coming up Taramani in Chennai, is the company's fourth project in the capital of Tamil Nadu.
The real estate firm will begin construction of DLF Downtown by delivering around 2.5 million sq feet of area in the first phase, DLF CEO Mohit Gujral told at the foundation stone laying function.
Gujral added that Tamil Nadu has immense talent as well as favorable business environment and therefore, it has been a destination of choice for many corporates and multi-national companies (MNCs).
DLF Downtown project will be spread across 27 acres and is expected to be completed in 5-6 years. The project will be developed by DLF's joint venture firm with GIC named DLF Cyber City Developers Limited (DCCDL).
The new project will also have commercial area, mostly office spaces, that would be constructed over 6.8 million sq feet in different phases.
Once the project becomes operational, DLF Downtown will help provide additional 70,000 direct and 6,000 ancillary employment to people.
After Gurugram, Chennai will be DLF's second largest market. DLF is the country's largest realty firm.