CapitaLand Investment (CLI), a Singapore-listed and headquartered company, has launched the first phase of its expansive International Tech Park in Chennai, spanning 5 million square feet. The overall investment for both Phase 1 and Phase 2 amounts to ₹1600 crore. The inauguration ceremony, held on 31 October 2023, was graced by Tamil Nadu Chief Minister MK Stalin.
It was heartening to inaugurate Phase-1 of Singapore based #CapitaLand's International Tech Park in Chennai, today. Once other phases are completed, this 5 million sq ft facility can provide office space to 50,000 professionals. I am glad that the CapitaLand group, whom I met… pic.twitter.com/wjU4vjX3fS
— M.K.Stalin (@mkstalin) October 31, 2023
It’s noteworthy that CLI made its entry into Chennai’s IT landscape in 2005 with the establishment of the International Tech Park Chennai – Taramani (ITPC-Taramani), which was the city’s first privately owned IT park. Moreover, CLI has recently unveiled plans for a substantial investment of over ₹1200 crore in establishing a data center in Ambattur, Chennai.
YouTuber Maridhas shared a video that give further insights into this deal. This international tech park being built in Chennai is located along the 200 feet road, stretching from Chromepet to the Thuraippakkam highway. Capital Land Business Ports, a Singapore-based company, is spearheading the development of this tech park.
IT Parks In Chennai: The TIDEL Park Example
Chennai boasts several IT parks, such as Ascendas and TIDEL Park, which provide space for technology and IT companies to establish their operations through leasing arrangements. To put it simply, one company leases out land for other companies to set up their offices.
TIDEL Park was constructed on government-provided land and the construction was carried out by companies like L&T and Hyundai Engineering, with financial support from banks and private institutions. According to Maridhas, once the TIDEL Park was established, it was alleged that there was a huge amount of bribe gain for the companies to set up their offices there, that happened alleged at the behest of then CM Karunanidhi.
Be that as it may. The income generated is shared between the two entities – government and the one constructing it while also paying back the loan (by both). When the TIDEL park was successfully built, 40% of the revenue would go to the government. The government would get the income through SIPCOT and the Tamil Nadu Industrial Development Corporation (TIDCO) since the land was given by them.
Maridhas alleges that the scope for bribe in this case would be through those companies that enter TIDEL Park and government would be the ultimate beneficiary.
But now, instead of government being the one to give the land, the Stalin government has replaced it with benamis, political commentators like Maridhas have alleged.
It is also alleged that the revenue (40%) could be redirected to the DMK’s benamis instead of the government.
G Square
G Square Realtors Private Limited is a real estate company which aggregates land parcels to set up residential plots and commercial complexes. It also sells these land parcels to big corporates to set up IT parks. G Square has gobbled up the real estate spaces spanning across Chennai, Trichy, Coimbatore and Hosur with several luxury housing projects to its name. No other real-estate firm has seen such meteoric rise in a short span of time.
This has led to allegations that the company has seen this astounding rise owing to its close ties with the family members of DMK chief MK Stalin.
More than 20 organizations were registered with the name of G Square and most of these organizations have been registered under the name of Rangaswamy Ramajayam, Sreejith and Sreekala. These 20+ organizations include G Square Housing, G Square Zamin Properties LLP, G Square Developers and so on. You can read more about G Square and DMK in this article – The G Square Shenanigans.
After MK Stalin’s Dubai trip and subsequent exposes by Maridhas, ‘Savukku’ Shankar and Vikatan publications the name G Square came to linked with the first family of the DMK garnering them unwarranted publicity. And so, just like how a scam-tainted United Progressive Alliance (UPA), changed its named to Indian National Developmental Inclusive Alliance (I.N.D.I.A.), G Square seems to have followed suit.
The Truth Behind Radial IT Park Private Limited
The proposed international tech park is going to be built on land owned by private people/companies (i.e., GSquare) instead of the government. This gets clear from the Environmental Clearance Certificate, shared by Maridhas in his video.
This certificate gives the details of the land ownership. In this case it is a private land. The certificate is given in the name of Radial IT Park Private Limited.
When this international tech park is given the clearance certificate, details about the land and the exact survey numbers need to be given. From the certificate, we can see the address as Pallavaram Taluk, Pallavaram Village – Jamin Pallavaram Village and the survey number for 12 acres of land in Pallavaram, Chennai.
It is revealed that GSquare initially acquired 1 acre of land for ₹3.5 crores and later sold it to Radial IT Park for ₹12 crores. Over the course of 5 years, the value of 1 acre of land surged to ₹45 crores. As a result, the total worth of the 12-acre land parcel has now reached ₹539 crores. To put it in perspective, this land was originally valued at ₹42 crores for the entire 12 acres in 2018, then escalated to ₹153 crores for the same 12 acres in 2020, and currently, it was appraised at ₹539 crores in 2023.
Upon looking for the details using the survey numbers, Maridhas says an important document was registered in March 2023 for a value of ₹539 crores. The land was given to the SBI CAP Trustee Company Limited by Radial IT Park Private Limited as mortgage. The property is in the hands of Radial IT Park Private Limited. Upon looking further, Piramal Trusteeship Services name pops up. This mortgage release happens in 2020.
In December 2018, GSquare mortgaged the land worth ₹45 crores for ₹153 crores, and then Piramal Trusteeship acquired the land in exchange for that ₹153 crores and issued an NOC.
The main difference between the land mortgage in 2018 and the land confiscation in 2020 is that the land was mortgaged by a company called GSquare Zamin Pallavaram Land Pvt Ltd but was released from mortgage as Radial IT Park Private Limited. That brings us to the question about what happened to GSquare Zamin Pallavaram Land Pvt Ltd?
A name change occurred. GSquare Zamin Pallavaram Land Pvt Ltd changed its name to Radial IT Park Private Limited. This is how it occurs. In 2018, it is GSquare Zamin Pallavaram Land Pvt Ltd.
In 2020, it becomes Radial IT Park (Formerly GSquare.) 
Some More Connecting Points
In response to the inauguration, a netizen shared a thread on the Radial IT Park connecting the IT Park to GSquare, a company with close ties to family members of DMK chief MK Stalin.
சரி இந்த CapitaLand பற்றி ஒரு சின்ன Thread..முதலில் இந்த CapitaLand என்பது RADIAL IT PARK PRIVATE LIMITEDன் கீழ் வருகிறது… இதுல என்ன ப்ரோ விசேஷம்னு நீங்க கேட்பீங்க.. இருங்க சொல்லுறேன்.. https://t.co/dHjjWfWnsf pic.twitter.com/sgN53nTXDr
— Umapathy Shiva (@umapathyshiva) October 31, 2023
An interesting aspect that comes out of the investigation is that the former directors of this Radial IT Park – Rangaswamy Ramajayam, Sreekala, and Sreejith as mentioned in the below image are a part of the G Square Team.
Until 2019, Rangasamy Ramajeyam alias ‘G Square’ Bala remains the owner of this company.
Amidst this, GSquare Bala transferred all his shares to a Singaporean company through PPO at a value of ₹170 crores.
Later, Radial IT Park Company obtained an Overdraft Facility worth ₹625 Crores for constructing a building at the same location in November 2020. This is alleged to be why the land value is mentioned as ₹539 Crores as in the above images.
It is a matter of wonder to choose a GSquare-owned property for an “international tech park” when there are government companies like SIPCOT and TIDCO. Also, it is important to question whether the Chief Minister needed to travel all the way to Singapore to bring in “investments” to establish an IT park that reportedly ends up favouring GSquare.
If the government willed, it could acquire the land and lease it to the Singaporean company CapitaLand. But it didn’t.
(With inputs from Maridhas and Umapathy Shiva X handle)
(Vallavaraayan is a political writer)
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