<p>Singapore-based CapitaLand Investments plans to increase its built-up space from the current 26 million square feet to 40 million square feet by 2024, including building a 3 million square feet office space at the International Tech Park in Bengaluru. </p>.<p>The global real estate major, which already boasts of business parks and coworking spaces in Bengaluru, has begun the process of developing the new complex in Karnataka’s capital. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/sbi-opens-first-ever-branch-for-startups-in-bengaluru-1136645.html" target="_blank">SBI opens first-ever branch for startups in Bengaluru</a></strong></p>.<p>“We will kickstart the construction work anytime. We have applied for necessary permissions and once we get them, we will launch our work. The new office space in Bengaluru will primarily target the IT/ITES companies,” Gauri Shankar Nagabhushnam, CEO, India Business Parks, CapitaLand Investments, said on Wednesday. </p>.<p>Nagabhushnam said the company plans to increase its built-up space to 40 million square feet by 2024. “We currently have about 26 million square feet of commercial real estate and we plan to increase it to 40 million by 2024. We have new projects coming up in all six cities – Chennai, Bengaluru, Gurgaon, Pune, Mumbai, and Hyderabad – where we have a presence,” he added. </p>.<p>The company has begun the process of building an office space exclusively for data centres in Mumbai and built exclusive parks for the sector in Bengaluru, Hyderabad, and Chennai. Nagabhushnam also said Chennai and Mumbai are favoured for data centres as undersea cable stations are located in these cities. </p>.<p>He also announced that CapitaLand, which has a huge presence in Chennai with business parks, industrial parks, logistics parks, and serviced apartments, will build a 2.6 million square feet office space in the name of International Tech Park on the radial road in the Tamil Nadu capital.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/top-bengaluru-stories/bmtc-free-travel-attracts-35-lakh-ridership-1136437.html" target="_blank">BMTC free travel attracts 35 lakh ridership</a></strong></p>.<p>While the phase-I will be operational by the 2nd quarter of 2023, the phase-II will be ready by the end of the fourth quarter of 2024. “With companies asking their employees to report to the office, we expect the demand for office space to increase. The number of people reporting to office has also increased exponentially in the past few months,” Nagabhushnam said. </p>.<p>The company’s top executive also said they are mulling setting up a 30 MW solar power farm in Tamil Nadu. “Over 35 percent of our energy needs are met through green energy. We want to set up a solar power farm with a capacity of 30 MW in Tamil Nadu," he added.</p>
<p>Singapore-based CapitaLand Investments plans to increase its built-up space from the current 26 million square feet to 40 million square feet by 2024, including building a 3 million square feet office space at the International Tech Park in Bengaluru. </p>.<p>The global real estate major, which already boasts of business parks and coworking spaces in Bengaluru, has begun the process of developing the new complex in Karnataka’s capital. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/sbi-opens-first-ever-branch-for-startups-in-bengaluru-1136645.html" target="_blank">SBI opens first-ever branch for startups in Bengaluru</a></strong></p>.<p>“We will kickstart the construction work anytime. We have applied for necessary permissions and once we get them, we will launch our work. The new office space in Bengaluru will primarily target the IT/ITES companies,” Gauri Shankar Nagabhushnam, CEO, India Business Parks, CapitaLand Investments, said on Wednesday. </p>.<p>Nagabhushnam said the company plans to increase its built-up space to 40 million square feet by 2024. “We currently have about 26 million square feet of commercial real estate and we plan to increase it to 40 million by 2024. We have new projects coming up in all six cities – Chennai, Bengaluru, Gurgaon, Pune, Mumbai, and Hyderabad – where we have a presence,” he added. </p>.<p>The company has begun the process of building an office space exclusively for data centres in Mumbai and built exclusive parks for the sector in Bengaluru, Hyderabad, and Chennai. Nagabhushnam also said Chennai and Mumbai are favoured for data centres as undersea cable stations are located in these cities. </p>.<p>He also announced that CapitaLand, which has a huge presence in Chennai with business parks, industrial parks, logistics parks, and serviced apartments, will build a 2.6 million square feet office space in the name of International Tech Park on the radial road in the Tamil Nadu capital.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/city/top-bengaluru-stories/bmtc-free-travel-attracts-35-lakh-ridership-1136437.html" target="_blank">BMTC free travel attracts 35 lakh ridership</a></strong></p>.<p>While the phase-I will be operational by the 2nd quarter of 2023, the phase-II will be ready by the end of the fourth quarter of 2024. “With companies asking their employees to report to the office, we expect the demand for office space to increase. The number of people reporting to office has also increased exponentially in the past few months,” Nagabhushnam said. </p>.<p>The company’s top executive also said they are mulling setting up a 30 MW solar power farm in Tamil Nadu. “Over 35 percent of our energy needs are met through green energy. We want to set up a solar power farm with a capacity of 30 MW in Tamil Nadu," he added.</p>