The Hindu Business Line : DLF investing Rs 4,200 crore in Bangalore

Bangalore June 5 Real estate company DLF Ltd plans to invest about Rs 4,200 crore in two residential projects and one large retail mall in Bangalore, said Mr A.S. Minocha, Chairman, here on Tuesday.

The retail mall would be developed on a 15-acre property in Whitefield, a Bangalore suburb. Investment in this project, expected to be completed in two years, is about Rs 1,200 crore. Work on it had already begun, Mr Minocha said. About two million sq ft of retail space would be developed, which would also feature the Hilton Hotel group's flagship five-star brand, Hilton. The 250-room hotel would be operational in about two years.

The residential projects would have an investment of about Rs 3,000 crore. One of them would be located in Bannerghatta Road on an 85-acre property. Approximately seven million sq ft of residential space would be developed here, with about 3,000 residential units. The other project, to be located near Electronics City, would be set on a 130-acre property, said Mr Minocha. The project would consist of 7,000 residential units, the total residential space development being 12 million sq ft. The residential units will be a mix of villas, high-rise and low-rise apartments. Work on both the projects would commence in three-four months and would take three-five years to be completed, he added.

According to the company's red herring prospectus, it has land reserves of 242 acres in Bangalore, and the city features in DLF's plans for development of multiplexes across the country. Though the company's Web site mentions an IT park, DLF Technopolis@Bangalore, to be developed on a 15-acre property in Whitefield, company officials declined to comment on it.

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