Bangalore
Bangalore?based Century Real Estate has acquired a prime plot on Richmond Road in a deal valued at Rs 80 crore.
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?It was an old Bungalow. We now plan to make high-end apartments with an investment of Rs 140 crore,? Ravindra Pai, managing director of the firm said. The company plans to launch a block of 36 luxury apartments ? named Century Renata and priced between Rs 5-11 crore each. The project will also comprise a penthouse of about 4,000-6,000 sq ft. ?Since last six month there has been a spurt of high-end residential apartment projects in Bangalore and Pune. This was not the case a year ago,? said Himadri Mayank, manager, research and real estate intelligence service at global real estate consultancy, Jones Lang LaSalle.
Last year, liquor baron Vijay Mallya, in collaboration with Prestige Estates Projects, started work on a luxury apartment block in central Bangalore, which will stand where his ancestral bungalow now does.
Prestige has a 45% stake in the project ? a 33-storey complex, with six levels of parking, multiple tennis courts, swimming pools, and the additional benefit of the liquor baron for a neighbour.
Mallya and Prestige are not the only ones eyeing the super-luxury market in Bangalore. Another Bangalore-based developer Nitesh Estates plans to launch 3-4 high end projects in the central business district of Bangalore.
?The apartments will be priced between Rs 20,000-30,000 per sq ft,? said Nitesh Estates managing director, Nitesh Shetty. The IT capital of India has seen over 10 projects priced between Rs 6,700 and Rs 13,500 per sq ft, launched in the prime location in the past six months. Skyline Constructions and Mantri Developers too have set out to build multicrore apartments at a time when conventional wisdom in the real estate business favours budget and mid-income homes.
Taking the scale to international levels, Dubai?s ETA Star Property Developers have also joined the fray. Century Real Estate is also looking to raise Rs 700 crore through private equity players in three tranches.
?The company has so far raised Rs 270 crore in two tranches from private placements if NCDs to HNI?s and Kotak Realty Fund through a private placement of non-convertible debentures (NCD),? said Pai. Century Group, owned by real estate veteran Dayanand Pai, best known as a land bank aggregator in the real estate market, is said to be having more than 3,000 acres of land in and around Bangalore city alone.
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Source: http://content.magicbricks.com/century-real-estate-buys-prime-plot-on-richmond-road
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