Bhartiya Urban Infrastructure & Land Development Co, a wholly-owned subsidiary of Bhartiya International Ltd, has sketched a master plan to develop a mega urban city within the peripherals of Bangalore. The Rs 15,000 crore mixed-use development project — Bhartiya City — would come up over 100 acres near Bangalore International Airport Ltd (BIAL) incorporating 2 crore square feet of residential, commercial and entertainment projects. This project, ‘a city within city’, which is also envisaged as Bangalore’s premium business destination will be fully operational by 2022, a top company official, told Property Pulse.
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“Our belief is that good lifestyle spaces or good living conditions should not be the domain of few ultra rich only. Rather than making exclusive, we would like to make our development inclusive. Keeping it as our catchword, we are entering the business of real estate development. We are making the final blueprint for our first sustainable mega development project in Bangalore. It’s really going to be a dream land wherein you can live, work, shop, and entertain,” Snehdeep Aggarwal, chairman, Bhartiya International, said in an interview.
A city within the city, as Agarwal puts it, would have a whopping 2 crore square feet of real estate development. The city would offer housing and office facilities besides entertainment options, retail outlets, commercial establishments, banks/financial institutions, malls, hospitals, schools and colleges, restaurants, star hotels, stadiums, and the like. “When completed, it would be one of India’s largest business districts.”
It is also developing a unique concept for housing. “We are developing lifestyle products and we believe housing as lifestyle also. We are planning around 7,000 homes across different categories. We will be tying up with international architect firms to offer quality lifespace. Our estimation is that the first phase of the housing project will be launched in the market by 2010-end,” he said.
When asked about proposed investments, Aggarwal added: “I cannot specify the overall investment. However, it may exceed over Rs 15,000 crore when completed.” On company’s fund-raising plans, Aggarwal detailed, “Funding does not seem to be a problem for good, bankable projects. IL&FL has already invested Rs 150 crore in the project. We are in advance talks with few construction finance companies for raising capital. The project would also be supported by internal accruals. Since it’s a large scale project, the company can even think of launching an IPO — may be in the long run. So capital is not a big issue. We are open to partnership with any strategic investors and developers. However, we will set up the development guidelines and control it.”
Interestingly, the company is developing this project on its own land parcel in Bangalore. “In Bangalore, the development area is now shifting to city suburbs. Even the new airport has been settled outside the Bangalore city. Local government is developing a new peripheral Ring Road in Bangalore to connect business destinations like Electronic City, Whitefield, etc. We have got an opportunity to develop this project in that peripheral itself. The first development would be set up in our own land parcel located here.” The company is planning to officially launch the project by the end of 2010. It plans to develop the project in three phases and the first phase is likely to be completed by 2015.
According to Aggarwal, his company has arranged professional workshop to understand the need of the hour. “It took three years for us to make this idea into a reality. There is certain learning and understanding of urban development which had evolved globally. We will tweak it as per our requirement. We have brought real estate experts and architects from across the globe to work on this innovative concept. In addition, local urban planners and infrastructure companies joined our workshop to lend their expertise in the development field. Now, the overall plan has come out in the best way and we will go ahead.”
When quizzed about the existing market demand for such projects, Aggarwal said, “We believe that there is enough demand for quality projects. We don’t follow any research and we don’t believe in the gap between demand and supply. We believe in the gap between the kind of demand and the kind of supply. If we make the right product there will be the demand for sure. Hence we are concentrating on developing the right product.”
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