This will augment our existing 35 million sq ft rental portfolio of office and retail properties," Khattar said."Tamil Nadu has always been a destination of choice for corporates and MNCs due to its talent pool and favourable business environment. It has a land bank of 192 million sq ft.DLF earns an annual rental income of over Rs 3,000 crore from its commercial properties that are located in Gurugram, Chennai, Hyderabad, Kolkata and Chandigarh."The company has identified a development pipeline of 20 million sq ft and a construction of 5.The company plans to take the national commercial portfolio to over 50 million sq ft, he added.Tamil Nadu Chief Minister Thiru Edappadi Palaniswami laid the foundation stone of DLF Downtown at Taramani in Chennai."Chennai continues to strengthen its position as an IT/ITeS hub with increasing investment commitment from global companies, making it out second largest market after Gurugram," DLF MD (Rental Business) Sriram Khattar said.

We are investing Rs 5,000 crore in phases for developing our fourth project DLF Downtown, Taramani in Chennai," DLF CEO Mohit Gujral said.5 million sq ft is underway.To monetise its commercial assets, DLF in December 2017 entered into a joint venture with Singapore sovereign fund GIC when DLF promoters sold their entire 40 per cent stake in DLF Cyber City Developers Ltd (DCCDL) for nearly Rs 12,000 crore.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL. The total commercial area, largely office spaces to be constructed under the new project, is 6.In DCCDL, DLF currently holds nearly 67 per cent stake, while GIC has the remaining stake.The 27 acre project will be developed by DLFs joint venture firm with food processor Factory GIC named DLF Cyber City Developers Ltd (DCCDL).Unlike residential property market, commercial real estate, especially office market, is performing well. Office space leasing touched an all time high in 2019.Another 20 million sq ft commercial space is under development.5 million sq ft area in the first phase

.This deal included sale of 33.With this project, he said, the company would now have a 14 million sq ft of development in Chennai..The project, to be completed in the next 5-6 years, would help additional 70,000 direct and 6,000 ancillary employment opportunities once operational.8 million sq ft in various phases.Chennai: Indias largest realty firm DLF on Thursday announced an investment of Rs 5,000 crore to develop large commercial project here as part of its strategy to expand portfolio of rent yielding properties.