July 8, 2024: Real estate developer Tata Realty has secured a loan of Rs 825 crore from the International Finance Corporation (IFC). This funding is earmarked for the refinancing of Ramanujan Intellion Park in Chennai, a landmark development in sustainable real estate. As an IFC EDGE Zero Carbon certified asset, the park’s design and operational strategies substantially reduce its carbon footprint. Ramanujan Intellion Park has achieved a complete reduction of emissions through renewables or carbon off-sets, saving more than 20% on water and embodied energy in materials while attaining over 42% energy savings on-site.
Located along Old Mahabalipuram Road (IT Expressway) in Taramani, Chennai, the 25.27-acre Ramanujan Intellion Park encompasses both a Special Economic Zone (SEZ) processing area and a non-processing zone. This fully owned and operational IT park hosts between 40,000 to 60,000 professionals across its six buildings daily. Additionally, the park includes the Taj Wellington Mews Hotel facility, which offers 112 serviced apartments and a 1,500-seater convention centre in the non-processing zone, operated by Taj Hotels—which is a chain of luxury hotels and a subsidiary of Indian Hotels Company Limited (IHCL). The facility is entirely managed by women.
This financing initiative is a part of Tata Realty’s commitment to advance its sustainability efforts and elevate the standard of green commercial spaces across India. The funds will further integrate sustainable technologies and practices at this flagship asset, which boasts a total leasable area of approximately 4.67 million square foot (msf) of IT/ITES commercial office spaces.
Sanjay Dutt, MD and CEO of Tata Realty, said, “The financing from IFC is a strategic investment in advancing our efforts to enhance the sustainability and climate resilience of Ramanujan Intellion Park. It enables us to continue our leadership in green building practices and reinforces our commitment to developing environmentally responsible assets that align with global sustainability targets.”
Imad N. Fakhoury, IFC’s regional director for South Asia, said, “Business parks are key to greening the real estate sector, and TATA Realty’s Ramanujan Intellion Park is at the forefront of this transformation. IFC’s investment highlights the pivotal impact that climate-focused financing has in driving substantial environmental progress and will support TATA Realty to expand its portfolio of net zero carbon buildings.”
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