Bangalore Witnesses A Property Deal Of Whopping 345 Crore

BANGALORE: Prestige Estates Project has finalized for a big deal. This real estate major has decided to buy a prime land of 8.3 acres in south Bangalore. The land belongs to German conglomerate Siemens. The cost of the land is about 345 crores. The deal is one of the biggest deals of the city. Also the highest per acre deal of about 43 crore per acre accomplished by Prestige Estates in a history of 30 years.

Farook Mahmood, CDM of Silverline Group said that he don’t recollect any transaction that is this big. This would in fact be a record payment made for a city-center land parcel, reported Anshul Dhamij, TNN.

Bangalore has not witnessed many big deals. Last year, VGN developers had set a standard in southern property market by buying for about 200 crore, a land of 1.5-acre Tata Communications land parcel on Chennai.

CMD of Prestige Estates, Irfan Razack has confirmed the deal and said that deal might be financed through s internal accruals and debt. They are also looking at developing a mixed use project and have started the process of drawing up a master plan.

Prestige can construct up to 1.17 million sq ft of space but Prestige has made prerequisite for public work so it can add Transfer Development Rights for constructing over 1.5 million sq ft.

This is Siemens’ third shot to sell a property. In 2012 also Siemens had put up the property on sale and even then Prestige had the highest bid. Nitiesh estate had also bid in 2012 for the land in Bangalore. In 2008 Siemens had put up the VDO Automotive Factory land.