Tata Realty has secured a significant INR 825 crore (USD 101 million) loan from the International Finance Corporation (IFC) for Ramanujan Intellion Park in Chennai. This landmark IT park, India's first and largest IFC EDGE Zero Carbon certified asset, exemplifies sustainable development in the real estate sector. The funding will support strategic refinancing and further integration of cutting-edge sustainable technologies across the park's 4.67 million square feet of commercial office space. Located in Chennai's IT corridor, the park promotes environmental stewardship with renewable energy usage, water conservation, and substantial energy savings, setting a new standard for green commercial properties in India.
Tata Realty, a property developer, has secured a significant loan of INR 825 crore (USD 101 million) from the International Finance Corporation (IFC) for its Ramanujan Intellion Park in Chennai. This funding marks a major step forward for sustainable development in India's real estate sector.
The loan is earmarked for the strategic refinancing of Ramanujan Intellion Park, a landmark development designed with sustainability in mind. This Chennai-based IT park holds the distinction of being India's first and largest IFC EDGE Zero Carbon certified asset. This prestigious certification recognises the park's commitment to reducing its environmental impact.
Ramanujan Intellion Park incorporates innovative design and operational strategies to minimise its carbon footprint. These strategies include the use of renewable energy sources or carbon offsets to achieve complete emission reduction. Additionally, the park boasts significant water and energy savings, with over 20% less water consumption and 42% energy savings on-site compared to traditional buildings.
Located strategically in Chennai's IT corridor, Ramanujan Intellion Park spans 25.27 acres and features a mix of Special Economic Zone (SEZ) and non-SEZ areas. This fully operational park is a vital part of the city's IT infrastructure, accommodating a large workforce of 40,000 to 60,000 professionals daily across its six buildings. The park also offers additional amenities, including a 112-room luxury hotel operated by Taj Hotels and a 1500-seater convention centre. Interestingly, the hotel facility is entirely managed by women, promoting gender equality and empowerment within the hospitality industry.
The IFC loan will enable Tata Realty to further integrate cutting-edge sustainable technologies and practices within the park's massive 4.67 million square feet of IT/ITES commercial office space. This investment underscores Tata Realty's commitment to green building practices and sets a new standard for environmentally responsible commercial spaces across India.
The partnership between Tata Realty and the IFC has far-reaching implications. Imad N. Fakhoury, IFC's Regional Director for South Asia, emphasised the importance of the project, noting that business parks are pivotal in promoting sustainability within the real estate sector. This financing initiative serves as a model for other developers and demonstrates the positive impact that climate-focused investments of INR 825 crore can have on environmental progress. The success of Ramanujan Intellion Park, India's first large-scale IFC EDGE Zero Carbon certified asset, is expected to inspire a wave of sustainable development within India's real estate industry.
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