Tata Realty secures an INR 825 crore loan from IFC for Chennai’s Ramanujan Intellion Park, India’s first IFC EDGE Zero Carbon certified asset. This funding will enhance sustainability, promote green building practices, and support a large workforce in a prime IT corridor, setting a benchmark for eco-friendly commercial spaces in India.
Tata Realty has secured a substantial loan of INR 825 crore (USD 101 million) from the International Finance Corporation (IFC) for its Ramanujan Intellion Park in Chennai. This significant funding marks a major advancement in sustainable development within India’s real estate sector.
The loan is designated for the strategic refinancing of Ramanujan Intellion Park, a landmark development designed with sustainability as a core principle. This IT park is notable for being India’s first and largest IFC EDGE Zero Carbon certified asset, reflecting its strong commitment to minimizing environmental impact.
Ramanujan Intellion Park incorporates innovative design and operational strategies to reduce its carbon footprint. These include using renewable energy sources and carbon offsets to achieve complete emission reduction. Additionally, the park achieves significant water and energy savings, consuming over 20% less water and achieving 42% energy savings on-site compared to conventional buildings.
In Chennai’s prime IT corridor, Ramanujan Intellion Park spans 25.27 acres and features Special Economic Zone (SEZ) and non-SEZ areas. The fully operational park supports a large workforce, hosting 40,000 to 60,000 professionals daily across its six buildings. The park also includes a 112-room luxury hotel operated by Taj Hotels and a 1,500-seater convention centre. Notably, the hotel is entirely managed by women, promoting gender equality and empowerment in the hospitality industry.
The IFC loan will enable Tata Realty to further integrate cutting-edge sustainable technologies and practices within the park’s expansive 4.67 million square feet of IT/ITES commercial office space. This investment underscores Tata Realty’s dedication to green building practices and sets a new benchmark for environmentally responsible commercial spaces in India.
Imad N. Fakhoury, IFC’s Regional Director for South Asia, highlighted the project’s significance, noting that business parks are crucial in advancing sustainability within the real estate sector. “This financing initiative serves as a model for other developers, demonstrating the positive impact climate-focused investments can have on environmental progress,” said Fakhoury.
The success of Ramanujan Intellion Park as India’s first large-scale IFC EDGE Zero Carbon certified asset is expected to inspire a wave of sustainable development within the Indian real estate industry. The collaboration between Tata Realty and the IFC showcases the potential for sustainable growth and sets a precedent for future developments.
