In a big actual property transaction, Cognizant Know-how Options, a US chief firm, offered the property of 13.68 acres in Okkiyam Thorapakkam, off the street Mahabalipuram (OMR), for Rs 612 Crore. The sale, recorded earlier this week, on the Neelankarai Sub-register Bureau, marks the top of an period for the headquarters of Cognizant, which was primarily based on the Thorapakkam complicated for over twenty years. The property, the primary full campus owned by Cognizant in Chennai, has a historic significance for the corporate.
He served as an operational foundation for co-founders Lakshmi Narayanan and Chandrasekaran and witnessed a landmark when Cognizant known as from the Nasdaq Opening Bell, which suggests a serious stage in its development. The transfer to the Thorapakkam complicated has beforehand raised the notice of its rented house within the CIS constructing, close to the American Consulate.
Sale of headquarters in accordance with Cognizant’s consolidation efforts
The sale is aligned with Cognizant’s steady efforts to strengthen his operations in three of his personal buildings at Mepz, Sholinganallur and Siruser. The corporate put the possession available on the market in August final 12 months, hiring the worldwide consulting firm for JLL properties to facilitate the transaction. After discussions with a number of potential consumers, together with native builders Baashyaam Group and Casigrand, the true property developer in Bengaluru, Bagamane Group appeared as a profitable bidder.
The transaction, which included a fee of Rs 55.08 Crore to the Tamil Nadu Authorities for taxation and registration charges, was initially focused for completion till December 2024. Though the method was prolonged by nearly three months past the anticipated chronology, Cognizant additionally canceled the Campus, the corporate renounced the rented areas in Chennai Park, DLF and his workplace on St Mary’s Highway from Ra Puram.
With the finished sale, the brand new headquarters of India Cognizant is about to function from the Campus, close to Tambaram, on GST Highway. In the meantime, the Bagamane Group is anticipated to revamp Thorapakkam property, constructing potential excessive combined growth towers, a development seen alongside the OMR, Chennai’s hall.