Standard Chartered Group is preparing to divest its prime Chennai property on Haddows Road, Nungambakkam, valued at an estimated ₹1,000 crore. This sale is pivotal as the company consolidates its operations into a new state-of-the-art campus at DLF Downtown, Taramani, by 2025.
DLF Downtown: The New Hub
The new facility, spanning 740,000 square feet, will bring together all 16,000 of Standard Chartered Global Business Services (GBS) employees in Chennai. Designed to align with modern hybrid work models, the DLF Downtown campus will feature cutting-edge infrastructure to boost employee productivity and engagement.
Neeraj Sinha, Chennai Site Lead and Head of Global Finance Services at Standard Chartered GBS India, emphasized the sustainability and people-centric focus of the new workspace. “The new campus represents our commitment to innovation and sustainable growth while enhancing employee experience,” he said.
Haddows Road Property Hits the Market
The iconic Haddows Road property, covering 4.4 acres, has been a cornerstone of Standard Chartered’s operations in Chennai for over two decades. The prime real estate, initially owned by ANZ Grindlays Bank, includes a built-up area of approximately 500,000 square feet and is now surplus to the company’s needs.
Industry reports suggest that developers and real estate investors are eyeing the property for high-end commercial and residential projects. Negotiations with Baashyaam Constructions are reportedly in advanced stages, with the deal expected to close at around ₹800 crore. The rate per ground is speculated to be ₹7.5–₹8 crore, reflecting the scarcity of premium land in Chennai’s central business district.
Strategic Realignment in Focus
The move aligns with Standard Chartered’s global strategy to modernize its operations and optimize resource utilization. By consolidating into a single, integrated campus, the company aims to enhance collaboration and streamline processes while setting a new benchmark for corporate campuses in India.
This development is expected to have a ripple effect on Chennai’s real estate market, potentially boosting high-value transactions and redevelopment projects in the Nungambakkam area. With demand for centrally located properties on the rise, the sale of this landmark site underscores the evolving dynamics of India’s real estate landscape.
