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In a notable real estate deal, Cognizant Technology Solutions, a prominent IT company from the US, has sold its 13.68-acre property located in Okkiyam Thoraipakkam, near Chennai’s Old Mahabalipuram Road (OMR), for \u20b9612 crore. This transaction, registered at the Neelankarai sub-registrar’s office earlier this week, signifies the conclusion of an era for Cognizant’s Indian headquarters, which has been operating out of this complex for more than 20 years.<\/p>\n
The Thoraipakkam site was Cognizant’s first fully owned campus in Chennai and has sentimental value for the company. It was the place where co-founders Lakshmi Narayanan and Chandrasekaran worked and made history by remotely ringing the Nasdaq opening bell, marking a key milestone in the company’s journey. The move to this campus had previously marked a significant upgrade from their rented office near the US Consulate.<\/p>\n
### Cognizant’s Shift Towards Consolidation<\/p>\n
The sale is part of Cognizant\u2019s strategy to streamline its operations by focusing on its remaining three buildings situated in MEPZ, Sholinganallur, and Siruseri. The company first listed the property for sale in August of last year, bringing in the international property advisory firm JLL to assist with the deal. After negotiations with various potential buyers, Bengaluru-based real estate developer Bagamane Group won the bidding process.<\/p>\n
This transaction involved a payment of \u20b955.08 crore to the Tamil Nadu government for stamp duty and registration fees. Although the sale was initially expected to finalize by December 2024, the handover was slightly delayed, as Cognizant vacated the premises by the end of December to prepare for the transfer. The company has also been stepping back from leased offices across Chennai, including well-known locations like Ramanujan IT Park, DLF, and its office on St Mary\u2019s Road in R A Puram.<\/p>\n
With this sale completed, Cognizant will now operate its new headquarters from the MEPZ campus located near Tambaram on GST Road. In the meantime, the Bagamane Group plans to redevelop the Thoraipakkam site, with expectations of constructing high-rise mixed-use buildings, following the trend seen along Chennai’s lively IT corridor on OMR.
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