DLF, the country's biggest realty firm, plans to develop a huge integrated township spread over 9,178 acre on the outskirts of Bangalore.
NEW DELHI: DLF, the country's biggest realty firm, plans to develop a huge integrated township spread over 9,178 acre on the outskirts of Bangalore at an estimated investment of up to Rs 60,000 crore over the next seven years.
The Karnataka government awarded the project to develop Bidadi Knowledge City to DLF yesterday. According to sources close to development, DLF would develop the project in a 50:50 joint venture with Dubai-based Limitless Holdings, a sister company of Nakheel. DLF is developing two townships in Gurgaon and Maharashtra of 20,000 acre each with Nakheel.
The total cost of project is estimated at between Rs 50,000-60,000 crore, including Rs 3,600 crore for the land, the sources said, adding that the investment would come from internal resources of the two partners and private equity at project-level.
DLF will be given 2,200 acres of land at Bidadi on the city outskirts, Minister for Primary and Secondary Education Basavaraj Horatti had said yesterday after a cabinet meeting. DLF will deposit Rs 57.55 lakh per acre as development charges with Bangalore Development Authority, he had said.
The Karnataka government has awarded the land it owns while the remaining area would be acquired from private parties with the help of the state, the sources said.
The project was awarded to DLF, following a global tender issued by the Bangalore Metropolitan Regional Development Authority (BMRDA). The township, which would be positioned as New Bangalore, will be developed at about 30 km from the city of Bangalore 15 km from Mysore.
The Berkely, California-based architecture and design firm Calthrope Associates has been appointed as the master planner of the township project, which is to be positioned as New Bangalore.
The project, three times DLF's township in Gurgaon, would be self-sustaining and will be developed on the ideology of 'walk-to-work'. Apart from office and residential space, Bidadi Knowledge City would also comprise of shopping malls, multiplexes, hotels and serviced apartments.
Through this township, DLF aims to provide high-quality urban facilities in a cost effective manner, the sources said.
Of the total area of 9,178 acre, about 6,000 acre can be developed. About 2,084 acre each is earmarked for economic activities, residential and others (roads, utilities), while park and open spaces would cover 1,250 acre, civic amenity space 833 acre, villages 199 acre and water bodies 644 acre.
DLF, which raised over Rs 9,000 crore from capital market in June, has bagged several big projects after the IPO. These include the country's biggest land deal at Rs 1,675 crore in the national capital.
The company, which has presence in all the verticals of real estate development, has over 289 million sq ft of existing and 615 million sq ft of planned projects.
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