In a significant real estate transaction, Cognizant Technology Solutions, a leading US-based IT company, has sold its 13.68-acre prime property in Okkiyam Thoraipakkam, off Chennai’s Old Mahabalipuram Road (OMR), for Rs 612 crore. The sale, registered earlier this week, at the Neelankarai sub-registrar’s office, marks the end of an era for Cognizant’s India headquarters, which had been based at the Thoraipakkam complex for over two decades. The property, Cognizant’s first fully owned campus in Chennai, holds historical significance for the company.
It served as the operational base for co-founders Lakshmi Narayanan and Chandrasekaran and witnessed a landmark event when Cognizant remotely rang the Nasdaq opening bell, signifying a major milestone in its growth. The move to the Thoraipakkam complex had previously elevated Cognizant from its rented space in the CSI building near the US Consulate.
HQ sale in line with Cognizant’s consolidation efforts
The sale aligns with Cognizant’s ongoing efforts to consolidate its operations within three of its own buildings at MEPZ, Sholinganallur, and Siruseri. The company had put the property on the market in August last year, engaging international property advisory firm JLL to facilitate the transaction. After discussions with several prospective buyers, including local developers Baashyaam Group and Casagrand, Bengaluru-based real estate developer Bagamane Group emerged as the successful bidder.
The transaction, which included a Rs 55.08 crore payment to the Tamil Nadu government for stamp duty and registration fees, was initially targeted for completion by December 2024. Although the process extended nearly three months beyond the anticipated timeline, Cognizant vacated the campus by the end of December in preparation for the handover. The company has also been relinquishing leased spaces across Chennai, including prominent locations such as Ramanujan IT Park, DLF, and its office on St Mary’s Road in R A Puram.
With the sale finalized, Cognizant’s new India headquarters is set to operate from the MEPZ campus near Tambaram on GST Road. Meanwhile, the Bagamane Group is set to redevelop the Thoraipakkam property, possibly building high-rise mixed-use towers—a growing trend along OMR, Chennai’s vibrant IT corridor.
