Ascendas inks pact with Mahindra Park

Singapore-based business space provider Ascendas has entered into an agreement with the Mahindra Industrial Park Limited to develop one million square feet of new information technology space in Mahindra City, located on the outskirts of Chennai.

Mahindra City will also use Ascendas Real Estate Management System (AREMS).

Ascendas and India's leading business park developer Mahindra Industrial Park today signed an MoU today covering two aspects.

The first was regarding development of one million square feet of ready-built space at Mahindra City in Chennai catering to the IT and BPO industries and the second was to adopt the Ascendas Real Estate Management System to enhance the quality of park management at Mahindra City.

According to a press release, the partners intend to develop multi-tenanted buildings totalling one million square feet of ready-built space over an area of 20 acres, in four phases of 2,50,000 square feet each.

Mahindra City will leverage on the Ascendas brand through the use of the proprietary AREMS. Through AREMS, Ascendas will transfer its best practices and know-how in quality real estate management to the park.

This includes masterplan review, development management, marketing consultancy and agency, property management, lease management, asset management and the use of its proprietary web-based Ascendas Integrated Management System (AIMS).

Arun Nanda, director of Mahindra Industrial Park Limited said, "We are delighted to partner with Ascendas and offer our customers a range of flexible solutions from built-to-suit facilities to ready-built solutions for the IT industry. At Mahindra City, we have always believed in bringing in the best that the world has to offer so that our customers are benefited at every level of the value chain."

Chong Siak Ching, president and chief executive officer, Ascendas Pte Ltd, said, "We envisage bright prospects for the IT industry in Tamil Nadu and our new development project, in partnership with a group like Mahindra, is timely to meet the growing demand for quality business space."

Promoted by the Mahindra Group and Tamil Nadu Industrial Development Corporation, Mahindra City, is a first-of-its-kind integrated business city in Chennai.

Mahindra Industrial Park Ltd was recently given approval for three sector-specific Special Economic Zones at Mahindra City by the Ministry of Commerce, Government of India.

The sector-specific SEZs are information technology (including services, electronics hardware and bio-informatics), apparel and fashion accessories and auto ancillaries.