DLF to develop New Bangalore City

DLF Ltd has announced that as per the announcement made by Karnataka government spokesperson, the Company has been awarded the project to develop a ‘New Bangalore City’ in Bidadi following a global tender issued by Bangalore Metropolitan Regional Development Authority (BMRDA). The formal letter awarding the project is awaited and is expected to be received by the Company in next few days. In all, 32 consortiums formed by over 100 Companies, both Indian and international, had filed for the Request for Qualification (RFQ). Of this, only 24 consortiums finally qualified.

The project shall generate value in excess of Rs 50,000 crore (USD 12.5 billion), which is the single largest investment in real estate in India.

The township will be developed on the ideology of "walk-to-work" and would be self sustaining. Apart from high quality office and residential developments, the township would also comprise of high quality entertainment options, including shopping malls, multiplexes, hotels and serviced apartments. Abundant water and power supply would ensure a higher quality of life.

Development of the project

Spread over an area of 9178 acres, the project would be executed by the DLF Limitless Company Pvt Ltd, a 50:50 JV between the Company and Limitless Group, Dubai based Limitless group, a part of Dubai World group is an integrate real estate developer. Dubai World has done iconic developments like Palm Islands, etc.

The master planners for the project would be Calthorpe Associates, a California based architecture firm, which is internationally recognized for its innovative leadership in urban design, community planning and regional growth strategies.

Location of the project

The project, also known as Bidadi Knowledge city, is about 30 km from the Bangalore city center, and 15 km from the outskirts, at the beginning of the Bangalore-Mysore highway. Located near the Bangalore-Mysore railway line, the city will have strategic connectivity advantage of being on Southern Freight Corridor.

Bangalore is India's infotech symbol to economic development and has been nicknamed the 'Silicon Valley of India' Bangalore's USD 60 billion economy, is India's fourth largest and fastest growing market. Bangalore contributes 40% to India IT and software export market. The city is home to over 10,000 individual dollar millionaires and around 60,000 super-rich people who have investable surplus of Rs 4 crore and Rs 50 lakhs, respectively.

Source : Equity Bulls

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