City-based Olympia Group has set aside a capex of ₹720 crore for the current year to set up two mega IT parks in Chennai on an area of 1.2 million sq.ft., said a top executive. “The first IT park admeasuring one million sq.ft of office space is coming up on an idle property of Exide Industries in Guindy,” said Ajit Kumar Chordia, managing director, Khivraj Tech Park Pvt. Ltd. and Olympia Infratech Pvt. Ltd.
First phase
“We are investing about ₹600 crore. The ground-breaking ceremony will happen soon and the first phase would become operational by October 2020.” Similarly, the second IT Park, Inspire, admeasuring 2,00,000 sq.ft. is coming up at Guindy. This requires an investment of ₹120 crore. The first phase of this project will become operational by December 2019. Olympia Group plans to raise funds for these projects through banks.
Mr. Chordia said a year ago the firm was planning to monetise some of the idle assets following a slump in the real estate market. “We have built three schools and co-living apartments, for which we had invested ₹100 crore and ₹85 crore respectively. Still, there are unsold inventory. We are planning to give luxury and high end villas on rentals,” he said.
Mr. Chordia said they still had some idle assets in and around Chennai, which would be used for affordable housing. Last year, Olympia clocked a revenue of ₹115 crore. It has set a revenue target of ₹200 crore to be achieved by 2020.
