The Hindu Business Line : GESCO Corpn bets big on Bangalore realty projects

"WHEN large corporations enter the real estate development business, the comfort level among consumers is much higher," says Mr Atul Upadhya, Managing Director, GESCO Corporation (South) Ltd, talking about company's entry into the market.

An offshoot of the property division of The Great Eastern Shipping Company Ltd, GESCO (South) is the latest entrant into the city's realty scene.

The GESCO Lido Centre, being developed on the erstwhile Lido theatre, is one of the two projects that the company currently has on hand. The Centre covers 2,50,000 sq ft and will have a five screen multiplex, a hotel and several retail stores under one roof. The interiors are being designed by Siembieda Associates of Hong Kong and landscaping is by Belt Collins of Singapore. GESCO Spring Leaf, an exclusive residential complex, come with a price tag that ranges anywhere between Rs 1.5 crore and Rs 2 crore. "We are offering just eight such apartments and we're already 60 per cent booked," says Mr Upadhya.

Currently, both GESCO's projects are in the city centre. "This has been our strategy in all our projects. We start at the centre and then gradually branch out." The reason for this, he explains, is that the industry has seen a lot of boom and recession and it always pays to play safe and have projects in the central districts. In the next one year, the company plans to invest around Rs 30 crore - Rs 40 crore in its projects in Chennai and Bangalore.

The company has developed about 1.5 million sq ft of commercial and residential development in Mumbai, Pune and Delhi.

Talking about the real estate trends in Bangalore, he says the city has a niche market for large apartments. "Bangaloreans seek exclusivity," he says, adding, "Chennai is a more steady and conservative market."

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