Home Retail DLF to build New Bangalore — investing Rs 60000 crore

    DLF to build New Bangalore — investing Rs 60000 crore

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    , the country’s biggest realty firm, plans to develop a huge integrated township spread over 9,178 acres on the outskirts of Bangalore, at an estimated investment of up to Rs 60,000 crore. The Karnataka government has awarded the project to develop Bidadi Knowledge City, to be accomplished over the next seven years.

    “DLF has entered into a joint venture agreement with the Dubai-based , a sister company of Nakheel, to develop the project within a span of seven years. DLF is also developing two townships in Gurgaon and Maharashtra, of 20,000 acre each, with Nakheel,” a company spokesperson told Indiaretailing.

    When enquired about the estimated investment, the spokesperson informed, “The total cost of the project is estimated at Rs 50,000-60,000 crore, including Rs 3,600 crore for the land. The majority of the investment is expected to come from internal resources of the two partners, while private equity is planned at project level.”

    When contacted, a spokesperson from Karnataka government informed: “The Karnataka government will sanction 2,200 acres of land to DLF at Bidadi on the city outskirts, and in turn, the company will deposit Rs 57.55 lakh per acre as development charges with Bangalore Development Authority.” The Karnataka government has awarded the land it owns, while the remaining area will be acquired from private parties with the help of the state.

    The project was awarded to DLF following a global tender issued by . The township, which will be positioned as New Bangalore, will be developed at about 30 kilometres from the city of Bangalore and 15 kilometres from Mysore.

    – Vishnu Rageev R, Bangalore Bureau