Categories: Market

Landmark Rs 650cr realty deal in city

New Delhi, May 15, 2018: City-based real estate broking and consultancy  Silverline Realty Pvt Ltd brokered a Rs 650 cr deal, a landmark in north Bengaluru. A special purpose vehicle comprising Phoenix Mills and Canadian Pension Fund acquired 13 acres from L&T near Jakkur, enroute to the airport. At Rs 50 cr per acre, this is the highest price paid for a land parcel in this part of the city. A one million sqft mall is slated to come up on this land parcel.

“North Bengaluru is a prime catchment area for social infrastructure. A city tends to grow towards and around an airport. The mall here will herald more such development. What’s significant about this deal is the potential Phoenix sees in the northern quadrant. Just as the ITPL and Export Promotion Industrial Park changed the character of the Whitefield belt, making it into an employment hub, this project will add the crucial entertainment and shopping dimension to the northern quadrant”, said Zahed Mahmood, Director, Silverline Realty Pvt Ltd, who brokered the deal along with  Ayub Khan of  Apex Estates & Properties  who represented the seller.

Speaking on the deal, Mahmood said, “The total land parcel is a 65-acre development comprising residential, commercial and a special economic zone. L&T wanted to sell the commercial development (13 acres) with the floor space index (FSI) of around two million sqft as the base. L&T saw our point of selling the property to Phoenix for a mall as it will add value to their residential and SEZ development, and they will get a better price on those properties”.

On convincing Phoenix Mills, he said, “We presented the potential of this locality to Phoenix and they were convinced that the price was well worth it”.

This deal heralds a new era for the property industry in north Bengaluru.

Corporate Comm India(CCI Newswire)

Recent Posts

NAREDCO Maharashtra NextGen Ties Up with Brigade REAP to Strengthen PROPEL, Empowering Emerging Entrepreneurs in Real Estate

Brigade REAP Incubates 76 Proptech Startups, Leading India's Largest Proptech Ecosystem with ₹200 Cr Earth…

2 hours ago

Dr. Gautam Kanodia: Redefining Luxury Real Estate with KREEVA

New Delhi, November 22, 2024: Dr. Gautam Kanodia has emerged as a visionary leader, redefining…

3 hours ago

The Rise of Premium Luxury Residences: How NCR is Setting New Standards

New Delhi, November 21, 2024: Over the years, Delhi-NCR has emerged as a hotspot for…

1 day ago

3A Composites’ Flagship BrandALUCOBOND Launches a Premium Product ‘ALUCODUAL®’

~ The Company strengthens the product portfolio with the launch of innovative & ‘Made in…

1 day ago

Government Policies and Housing Premiums Under Spotlight in latest Mumbai Realty Report

- NAREDCO Maharashtra and 1 Finance Unveils Comprehensive Study on Mumbai's Real Estate Landscape -…

2 days ago

Onward Workspaces Expands with leasing 18,000 Sq. Ft. Premium Facility at Emaar Capital in Gurgaon, Catering to Global Enterprise

The announcement marks a major step in offering Flexible Grade-A Office Solutions for Modern Businesses…

2 days ago