To develop a Grade A office tower with a gross floor area of 1.02 million sq ft along with another retail-cum-office facility as part of a mixed-use development in Bengaluru
Puravankara Limited’s associate firm will develop its first commercial development in India for which it has entered into agreements to acquire a prime 7.635 acres site in Yeshwantpur, Bengaluru, from Metro Cash & Carry India Private Limited (MCCIN). The total consideration is approximately Rs 405 crore.
Keppel Puravankara Development Private Limited (KPDL), an associate of Puravankara Limited, a joint venture between Puravankara Limited and Singapore- based Keppel Land, has entered into agreements to acquire a prime 7.635 acres site in Yeshwantpur, Bangalore, from Metro Cash & Carry India Private Limited (MCCIN).
The total consideration includes the cost of approximately Rs 80 crore for KDPL to construct a 160,000 sq. ft. retail-cum-office facility on the land, which will be handed over to MCCIN, the company said in a statement.
The Grade A office development will be managed by KPDL upon completion.
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“Over the last couple of years, there has been a conscious effort to diversify Puravankara’s existing commercial portfolio. This commercial project, for the development of the mixed-use project is in line with our strategic plan to expand Puravankara’s commercial presence over the next five years. The timing of the project could not be better, seeing as the demand for office and retail space, is on an upward trajectory and yielding good returns, especially in Bangalore. We believe that this upcoming project, with its prime location, will become a landmark in Yeshwantpur. We are very confident of the runaway success of this venture,” said Ashish R. Puravankara, managing director, Puravankara Limited.
Sam Moon Thong, president (Regional Investments), Keppel Land, said, “We believe this acquisition will further augment Keppel Land’s commercial portfolio and will position us well to meet the urbanisation needs for prime office space in Bangalore."
Strategically located in the established prime commercial hub of Yeshwantpur, Bengaluru, the site is approximately 5 km northwest of Benguluru’s city centre. The site enjoys excellent accessibility to other parts of the city and other business districts via key transport routes, such as Bengaluru’s local mass rapid transit system, Namma Metro.