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Bangalore, May 27

Bhuwalka Steel Industries Ltd and Soul Space Realty Ltd have signed a joint development agreement to unlock the value of the steel company’s land in Bangalore after it decided to relocate its TMT Mill to Bellary. Soul Space Ltd is a member of a leading real estate developer, B.L. Kashyap Group. The agreement envisages that the Bangalore property will be developed by Soul Space for commercial or retail purpose. About 1.3 million sq ft area is proposed to be built up a nd 40 per cent of the same would accrue to Bhuwalka Steel and remaining space will be retained by the developer. The value of property accruing to HTMT after the development will be about Rs 125 crore. Bhuwalka Steel expects an annual rental income of Rs 12 crore from the space. Soul Space will bear the cost of the development and building of the structure, said a company official.—

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