Recent procure of HP's 5 acre land parcel for Rs 65 crore by Infosys

Recent procure of HP's 5 acre land parcel for Rs 65 crore by Infosys

By siliconindia   |   Monday, September 1, 2014

Bangalore: Infosys, one of the India Inc’s leading landlords, has obtained a 5 acre land parcel adjoining its Electronics City campus for Rs 65 crore, setting the new capital value bench marks in the IT hub of Bangalore.The land parcel, belonging to consumer electronics foremost Hewlett Packard, was purchased for Rs 13 crore per acre by Infosys. This is the Infosys’ second significant land business deal in six months.   JLL India (International property consultant) handled the deal.

India’s second leading IT exporter had purchased a 300,000 sq.ft tech park close to its Electronic city campus for Rs 115 crore from Essar Group in January.Leading IT Company, Infosys with more than 1.5 Lakh employees, has been reliably purchasing land to ascertain software development facilities. In the quarter ended June, it purchased 41.2 acres of land in Bangalore, Delhi-NCR and Mysore. In Delhi-NCR, it purchased 27.6 sections of land.

An email inquiry sent to Infosys met with no reaction, even as Juggy Marwaha, MD-South, JLL India, refused to remark on the deal.A property specialist who didn’t wish to be named stated that “No other organization has a land bank analogous to Infosys; they virtually buy one land parcel every month in the country”.

As of date, Infosys possesses and manages an incredible 36.78 million sq.ft of developed office space, of which 1.58 million sq.ft includes its global centers. DLF India’s largest real estate developer possesses and operates approximately 28 million sq.ft of office space, where as American private equity giant Blackstone claims around 21 million sq.ft of office space in the nation.

Infosys has another 6.1 million sq.ft office space which is under construction and it also has an unused land of around 400 acres along Sarjapur Road, another IT hub in Bangalore city. A real estate analyst stated that “last year N R Narayana Murthy, Infosys Co-founder with his family had bought a 14 acre land parcel near to Electronic City for around Rs 70 crore, esteeming the land at Rs 5 crore per acre. Because the Hewlett Packard land parcel adjoins the Infosys campus and is spotted just off the National highway, it conveys a momentous premium, “

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