Delhi Development Body Allows Private Firms to Buy Flats in Bulk
Chennai’s prestigious property market is buzzing with news as tech giant Cognizant has put its India headquarters up for sale. The Chennai property, which spans a sprawling 15-acre land parcel and boasts a 4 lakh sq ft office space on the city’s IT Corridor, is estimated to fetch a staggering Rs 750 crore to Rs 800 crore. Cognizant has appointed renowned property advisory firm JLL to handle the sale.
Consolidating Operations in Chennai
Cognizant’s decision to sell its headquarters in Chennai is part of its larger strategy to consolidate its operations in the city. The company aims to wind up the process and vacate the property by December 2024. Following the sale, Cognizant plans to establish its new India headquarters at the MEPZ campus near Tambaram on GST Road. This move will align with the company’s plans to concentrate its operations in three of its existing buildings at MEPZ, Sholinganallur, and Siruseri.
Prominent Buyers in the Pipeline
JLL, as the company’s appointed advisor, has engaged in discussions with several potential buyers for the property. Local developers Baashyaam Group and Casagrand have emerged as the key names in the mix, although nothing has been finalized as of yet. Cognizant has refrained from commenting on the sale, while JLL has informed the press that the process is still at a premature stage.
A Fabled Headquarters for Two Decades
For more than two decades, the Chennai property has served as Cognizant’s esteemed India headquarters. It was from this campus that key Cognizant leaders, Lakshmi Narayanan and Chandrasekaran, operated. The property holds particular significance as it was also the site of the landmark event where Cognizant remotely rang the Nasdaq opening bell. This move towards selling the headquarters marks a significant transition for the tech major.
Prospective Vacancies and Future Plans
As Cognizant plans to vacate the Thoraipakkam office by December 2024, the impending sale creates various opportunities for potential buyers. The property’s strategic location on Chennai’s IT Corridor, coupled with its expansive office space, makes it an attractive investment. Identifying the buyer may shape Chennai’s real estate landscape.
With Cognizant’s consolidation plans in progress, the sale of the Chennai headquarters underscores the company’s trajectory and dedication to streamlining its operations. The future of the property, rich with history and significance, awaits a new owner to shape innovative strategies and chart new directions in the world of tech and real estate.
