As­cen­das-Singbridge buys 12.20 acre land to de­velop IT park in Chen­nai

HT Estates - - FRONT PAGE - Bidya Sa­pam [email protected]

MUM­BAI: Sin­ga­pore- based As­cen­das-Singbridge Group on Thurs­day said it has ac­quired a 12.20 acre­land­parcel­tode­vel­opa 2.30 mil­lion sq ft in­for­ma­tion tech­nol­ogy (IT) park­inChen­nai.

A spokesper­son with As­cen­das-Singbridge de­clined to com­ment on the fi­nan­cial de­tails on the trans­ac­tion. The to­tal deal is es­ti­mat­ed­to­bearound₹175crore, said a per­son who is aware of the devel­op­ment.

Ac­quired­fromChen­nai-based GSquareGroup, the­land­parcelis lo­cated on Pallavaram–Tho­rai- pakkam Road (also known as Ra­dial Road), an up­com­ing IT cor­ri­dor that is con­nected to Old Ma­ha­balipu­ramRoadandGrand South­ern Trunk Road, the two ex­ist­ing ma­jor IT cor­ri­dors in Chen­nai. The­newIT­park­willbe named In­ter­na­tional Tech Park Chen­nai (ITPC)–Ra­dial Road as an ex­pan­sion of As­cen­das-Singbridge Group’s iconic In­ter­na­tional TechPark­brand. It hastwo IT­parksinChen­nai, ITPC–Tara­mani and Cy­ber­vale, the com­pany said in a state­ment. The park­will be­de­vel­o­pe­d­in­var­i­ous phases. Around 1.10 mil­lion sq ft will be built in the first phase of the devel­op­ment. Con­struc­tion will com­mence soon based on ap­provals.

This will be As­cen­das’ sixth prop­erty in Chen­nai. Its other prop­er­ties in­clude an­in­te­grated in­dus­trial devel­op­ment(One­Hub Chen­nai), and two lo­gis­tics and ware­house fa­cil­i­ties at Ora­gadam and Periya­palayam by As­cen­das-Firstspace.

“Chen­nai is a key mar­ket for our In­dia busi­ness, and this ac­qui­si­tion fur­therdemon­strates our com­mit­ment to the city and the State of Tamil Nadu. ITPC– Ra­dial Road is well-lo­cated in an up-and-com­ing, high-growth area, and­will­strength­enAs­cen­das-Singbridge Group’s In­ter­na­tional TechPark­suit­e­of­busi­ness space so­lu­tions,” said Vi­namra Sri­vas­tava, chief ex­ec­u­tive (CEO), In­dia Op­er­a­tions and­pri­vate­funds, As­cen­das- Singbridge group.

Head­quar­tered in Sin­ga­pore, the group has a pres­ence across 11 coun­tries in Asia, Australia, Euro­pe­andtheUnit­edS­tate­sand man­age­sas­setswortharound$20 bil­lion glob­ally.

In case of a reg­u­lar home loan, your EMI is kept con­stant. For sim­plic­ity, we are as­sum­ing the in­ter­est rate to be con­stant through­out the ten­ure. The EMI com­prises of in­ter­est and prin­ci­pal. For in­stance, con­sider ₹50 lakh home loan taken at an an­nual in­ter­est rate of 9% for a ten­ure of 20 years. In your first EMI of ₹44,986, ₹37,500 will be in­ter­est that is levied on the out­stand­ing amount and ₹7,486 will be the prin­ci­pal amount that you re­pay. Sub­se­quently in the next monthly in­stal­ment, the in­ter­est amount is levied on the re­duced out­stand­ing bal­ance. The EMI how­ever re­mains the same. That’s be­cause while the in­ter­est com­po­nent of the EMI re­duces over time, the prin­ci­pal com­po­nent of EMI in­creases over time.

The Quick­pay loan works slightly dif­fer­ently as you don’t re­pay the loan in equated monthly in­stal­ments but in in­stal­ments that are fat ini­tially

The above cal­cu­la­tions have as­sumed the same rate of in­ter­est for both the reg­u­lar and Quick­Pay loans. How­ever, for the Quick­Pay loan, Axis Bank is charg­ing a rate of in­ter­est that is 15-20 ba­sis points higher com­pared to a reg­u­lar home loan rate.

So if based on your credit pro­file youareget­ting areg­u­lar Axis bank home loan at 9%, you will be charged 9.15% to 9.2% for the Quick­Pay loan. This would take

As the cal­cu­la­tions show, com­pared to a reg­u­lar home loan, the big­gest chal­lenge in the Quick­Pay loan would be a sig­nif­i­cantly higher monthly in­stal­ment ini­tially. If the higher monthly in­stal­ment does not bother you, then Quick­Pay is a good op­tion for you.

The Quick­Pay loan would save youmore­moneyinthe­form of in­ter­est outgo de­spite hav­ing a higher in­ter­est rate. A reg­u­lar home loan on the other hand has the com­fort of a fixed monthly in­stal­ment. In com­par­i­son, the Quick­Pay loan’s ir­reg­u­lar and higher in­stal­ments ini­tially could pose a cash flow chal­lenge.

THE NEW PARK WILL BE NAMED IN­TER­NA­TIONAL TECH PARK CHEN­NAI

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