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Tucked away in the north-eastern part of Bangalore, the city’s biggest private township, the $1 billion Bharatiya City is coming up on 125 acres.
“Inside the city municipality, this is the biggest parcel of land,” Arjun Aggarwal, CEO of Bhartiya City, told Business Line . The project has been promoted by its listed entity, textile major Bhartiya International.
The Bhartiya International counts Hugo Boss and Armani as its clients and has a fashion design studio in Italy.
“We understand the lifestyle space. Real estate is nothing but lifestyle. How you live defines your lifestyle,” Aggarwal, who is a director in Bhartiya International, said.
Integrated township
Bhartiya City is an integrated township and will house apartment blocks, an SEZ, multiplexes, malls, office buildings, five star hotels, schools and hospitals. The entire project is expected to be completed within a decade from now.
At present, only the housing project is being marketed. During the first phase, a total of Rs 2,000 will be invested but by the entire project will cost about $1 billion. The sale value will be around $4 billion once the entire project gets completed.
A consortium of banks is funding the project though the acquisition of the land has been funded entirely by the company.
Nikoo Homes
The entire project has been divided into eight districts and the residential project is called Nikoo Homes. The first phase consists of 2,400 homes but only 1,300 have been released so far.
A two-bedroom apartment will cost about Rs 45 lakh while a three bedroom will cost about Rs 70 lakh.
The total saleable area of the entire project is 18 million sq ft and the buildable area is 27.6 million sq ft. While all the residential assets will be sold, the commercial and the hotel assets will be retained.
Each of the eight districts will be considered as a standalone project with Bhartiya working as master developers. The company has also set up a 60 KW solar plant which will go up to 300 KW in phases.
The company has already tied up with the Leela to set up a hotel there. There will also be a convention centre of about 60,000 sq ft which can accommodate over 4,000 people. A central park of about four acres has also been planned where open air events like rock concerts can be conducted.
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