Realty developer Ajmera Realty, through its wholly-owned subsidiary, has acquired a 5.5-acre land parcel at Electronic City-II in Bengaluru for ₹65 crore, said a top company official.The land parcel has all statutory approvals in place and has the potential to develop a 5.5 lakh sq ft mixed-use project. The proposed development on the vacant plot will include 80% residential and the rest 20% as commercial real estate.The company has tied up with non-banking financial company (NBFC) Aditya Birla Finance, a subsidiary of the Aditya Birla Financial Services, to fund the land transaction.“We have acquired this land parcel from a private company. All permissions have already been secured and our master plan is ready. We are planning to develop a residential project and an IT park with over 1 lakh sq ft commercial space,” Dhaval Ajmera, director, Ajmera Group, told ET.The developer is expected to infuse over ₹200 crore, including land and construction cost, to develop the project, while expects to generate revenue of about ₹300 crore over the next three years. In addition to its tie-up with Aditya Birla Finance for land transaction, the developer will also raise construction finance to support the project. Currently, residential property rates in the vicinity range between ₹4,500 and ₹5,000 per sq ft. Lease rentals for commercial properties in this part of Electronic City are ₹60 to ₹80 per sq ft a month.
from The Economic Times https://ift.tt/2zuyA0m
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