GMR Group, a notable player in infrastructure development, has set sights on selling its technology park located in Chennai, Cognizant Technology Solutions, for a noteworthy sum of Rs.150 Cr (approximately $30 million). This Chennai tech park is strategically positioned on Old Mahabalipuram Road (OMR), renowned as one of the city’s vibrant IT hubs.
Two strong contenders interested in this project are Bangalore-based Global Tech Park and a prominent chartered accountant in the southern region. While Global Tech Park appears to be in the lead, it faces fierce competition from the well-known CA.
The tech park itself, GMR Varalakshmi Tech Park, is wholly leased out to the Cognizant Group, with a substantial built-up area exceeding 400,000 sq. ft. A subsidiary of GMR Group holds ownership of this tech park.
GMR Group, an expansive infrastructure conglomerate, boasts significant land assets in various cities, including Bangalore, Chennai, and Hyderabad. Although a senior spokesperson from GMR Group declined to comment, attempts to contact the promoter of Global Technology Park, Satish Chandra, were unsuccessful.
Both the global investment firm and the high-net-worth CA are aggressively pursuing this deal, optimistic about their investment returns. The technology park is viewed as a lucrative opportunity, as it generates substantial income with minimal risk, with proposed buyers anticipating an average return of 12% annually.
In recent years, Blackstone Group, a leading private equity firm, has poured nearly $1 billion into India’s real estate market. Additionally, investors like Xander, Mapletree, and others have significantly contributed to the sector.
These international investors are particularly keen on properties in Bangalore, Chennai, and Gurgaon, where the real estate landscape is rapidly evolving. These deals are often perceived as a defensive strategy within a sluggish market.