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Our Bureau

Mumbai, Oct. 3 Stock of real estate major, DLF Ltd, jumped by 16.41 per cent or Rs 125.85 to Rs 892.75 on the BSE today on the back of an announcement by a Karnataka Government spokesperson that the company has bagged the tender to develop ‘New Bangalore City, at Bidadi.

The 9,178 acre township project is expected to generate value of over Rs 50,000 crore.

Analysts say it will be the single largest investment in real estate in the country. “It is a news based rise and the Bangalore tender is a big time project,” said Mr Shailesh Kanani, analyst, Angel Broking Ltd.

DLF said that it was awaiting the formal letter of the contract and that 32 consortiums formed by over 100 companies, both domestic and overseas, had filed for the ‘Request for Qualification’ and 24 among them qualified.

The Bangalore Metropolitan Regional Development Authority floated a global tender for the project.

The project also called ‘Bidadi Knowledge City,’ is about 30 km from the Bangalore city. Located near the Bangalore-Mysore railway line, the new city will have a strategic connectivity advantage of being on Southern Freight Corridor.

The township will be based on the ideology ‘walk-to-work’ and would be self sustaining.

Apart from high-quality office and residential developments, the township will also comprise quality entertainment options, including shopping malls, multiplexes, hotels and serviced apartments. Abundant water and power supply will ensure a high quality of life, according to DLF.

The mega project would be executed by DLF Limitless Company Pvt Ltd, a 50:50 joint venture between the company and Dubai-based Limitless Group, a part of Dubai World.

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

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