IIT Madras Research Park is an independent Section 8 company promoted by IIT Madras and governed by a Board of Directors consisting of eminent Industrialists, Academicians and Senior Government Officers. IIT Madras Research Park is set up to catalyse collaborative research between industry and academia, enable technological innovation and nurture entrepreneurship. IIT Madras Research Park assists companies with a research focus to set up a base in the park and leverage the expertise available at IIT Madras.

Phase I of IITMRP, with over 4 Lakh Sq.Ft of the built-up area became operational in March 2010 and was fully occupied by 2012 -13. The construction work for Phase II of IITMRP commenced in 2013 -14. Phase II of IITMRP, with 8 Lakh Sq.Ft of built-up area, has Research Blocks catering to IT, Mechanical, Electronics, Bio-sciences, and Energy sectors, Incubators, plus Multi-Level Parking, Conference Halls, Mini-Auditorium, Crèche, Gymnasium, Food-Courts, Workshops/Fab Labs and is fully operational since 2017.

In 2019, a new auditorium with a 900 seater capacity and an amphitheatre with 220 seater capacity were completed and inaugurated. The auditorium has an expansive pre-function space, foyer, satellite kitchen, alfresco dining and is special-needs friendly with best in class acoustics, sound and lights. Nestled at the mezzanine of this auditorium is the amphitheatre designed to resemble a village square.