To invest Rs 1,800 cr in phased manner
Gulf Oil Corporation Ltd and Hinduja Realty Ventures Ltd have performed bhoomi puja for the Rs 1,800-crore special economic zone and mixed use project planned at Yelahanka in Bangalore.
The project is being developed on a 39.67-acre site owned by Gulf Oil Corporation, a Hinduja Group company.
The Managing Director of Gulf Oil, Mr Subhas Pramanik, told Business Line that the project would be developed in a phased manner. It is expected to generate revenues from the fourth quarter of 2013-14.
Designed by architects RSP of Singapore, the mixed use project will consist of 8 million sq. ft. and include a revenue area of 3.82 million sq. ft of IT SEZ and 1.23 million sq. ft of non-SEZ space encompassing a hotel, serviced apartments, a retail mall and commercial offices.
The Rs 1,800-crore project is being taken up jointly with the group company Hinduja Realty Ventures. They are responsible for all architectural scheme design, project funding, development and eventual maintenance of the project when completed.
“The project had taken some additional time mainly because of the permission for a special economic zone. Once we received this, we have begun work on the project,” he said.
To execute the project, there is no additional burden on Gulf Oil. In return for providing land for the project, the company is entitled to 30 per cent of the entire developed area as part of the scheme equivalent to 2.4 million sq. ft. This includes 1.5 million sq. ft of revenue area.
“While the Bangalore project is expected to take up to five-and-a-half years for completion, we will initiate work on the Hyderabad project once the demand for office space picks up,” Mr Pramanik said.
Gulf Oil shares closed the day trade at Rs 83.85, up 4.55 per cent on the BSE.