Bhartiya to develop township for $2-bn in Bangalore
Bhartiya group decided to develop its integrated township project, Bhartiya City, in phases in Bangalore at a total cost of $2-billion.
The project, to be developed on a 125-acre land, has IT SEZ component as well. The company would develop residential, IT office space, retail and hotel in the first phase.
In the first couple of years, the group plans to take up 3.2 million square feet of residential, 0.6 million IT office space, 0.7 million retail and 0.5 million hotel.
As part of the project, the group has partnered with Leela Group to operate a 300-room hotel. It is learnt that the group will spend Rs 250 crore for hotel construction and the Leela group will manage the hotel titled Leela Bengaluru.
The project is located within the BBMP limits. The township is master planned by Perkins Eastman from New York and architects include Broadway Malyan from the UK/Singapore, RSP-Bangalore and Edifice-Mumbai.
The project is said to be a design-driven innovation applied to real estate project. The whole project is likely to be completed in 8 to 10 years.
It is further learnt that the group has partnered with a few Italian kitchen and furniture makers to provide customised homes at very reasonable prices.