After nearly a decade, the DLF project in Taramani is set to take off with Chief Minister Edappadi K. Palaniswami laying the foundation stone on Thursday. The realty developer, backed by Singapore’s sovereign fund GIC, will be investing ₹5,000 crore to develop a 6.8 million sq. ft IT park in Taramani. The project, DLF Downtown Taramani, spread over 27 acres, is a joint venture with the Tamil Nadu Industrial Development Corporation (TIDCO). With this, Chennai will become DLF’s second largest market after Gurugram.
It may be recalled that in 2008, DLF won the bid by offering ₹750 crore for a land parcel, measuring 26.64 acres, in Taramani. In 2010, DLF decided to pull out of the project and asked the Tamil Nadu government to refund its money. When the State government refused to give the money, DLF moved the matter to the Madras High Court.
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