Olympia Group buys Rs. 20-cr. plot in Guindy for IT park.

City-based builder Olympia Group has completed a land deal in Guindy for Rs. 20 crore. The land parcel measures 12.7 grounds.

'The land belongs to Claridges Hotel and was sold to the Olympia Group. The place is an excellent choice for the IT sector,' said a source who was involved in closing the deal. Real estate consulting firm Jones Lang LaSalle had the mandate for the sale. It is learnt that the Olympia Group intends to use this space for another IT Park.

The group already has two IT Parks in Guindy — the Olympia Techno Park (1.3 million square feet) which houses eight IT firms employing more then 13,500 people and the Olympia Platina (1.2 lakh sq ft). Industry sources say that the deal comes at a time when commercial space is becoming a scarcity in the city. In recent years, IT space is also slowly dwindling in Chennai including Rajiv Gandhi Salai (Old Mamallapuram Road) and Ambattur. Of the 4.07 million sq. ft of IT stock in Guindy, only 1.2 per cent is vacant.

THE HINDU