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Real Estate >> News
8.5 Acre Prime Land Deal in South Bangalore
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siliconindia
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Saturday, July 5, 2014
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Bangalore : Engineering and Electronics firm Siemens Group in India announced the sale of an 8.5 acre prime land in south Bangalore to a southern prominent Builder Prestige Estates for around Rs 345 crore on Thursday. At a propos Rs 43 crore per acre is one of the biggest transaction the country's IT capital has seen and this is the largest per acre deal accomplished by prestige in its history.
In a regulatory filing to Bombay Stock exchange, Siemens said that the sale is part of our continuous asset optimization exercise with in Siemens. Chairman and Country head at JLL Anuj Puri said that the deal has been closed at an agreed valuation. Don't recollect big transaction This would be a record payment made for a Bangalore city center land parcel, said Farook Mahmood chairman and managing director of Silverline Realty. The prime land is at Kormangala with easy proximity to Forum Mall and well known for its Residential and commercial development.
The prestige Estates expected to plan the development as early as possible. Many other Business sources stated that the deal is a pointer to the availability of a vast land in the center of the city. A few more sizeable deals are in the pipeline of Bangalore. The large tracts of land belonging to factories are for sale in Bangalore. Present the situation is similar to Mumbai.
The prestige Estates show its potential to get into such high land value deals. It speaks the volume of developers in the market. By this deal most of the Developers are showing interest on such big deals. Suresh Hari, secretary of CREDAI, stated that this is the biggest land deal in the heart of Bangalore. Mr. Mahmood added a word that there is one more deal on Bellary Road.
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