INDIA BUSINESS WORLD OCTOBER (1^st - 20^th) 2007
The Month that was ...

DLF BAGS RS 60,000-CR BIDADI PROJECT

Delhi-based real estate company DLF has been granted permission by the Karnataka government to implement the Bidadi integrated township project (BITP), about 30 km from the city.

The company will be investing Rs 24,000 crore over a period of five years for developing the BITP. It is the first of the five integrated township projects planned by the Bangalore Metropolitan Region Development Authority (BMRDA) to decongest the state capital. Briefing reporters after a meeting of the state cabinet, Karntaka's primary and secondary education minister Basavaraj Horatti said DLF was the only company to participate in the final round of bidding for BITP, also known as the knowledge city project. Apart from acquiring about 7,000 acres of private land, DLF will be provided about 2,200 acres of government land and the company will have to pay Rs 57.05 lakh per acre to the government as development charges.

The total cost of the project including development and sales is estimated to be in the region of Rs 50,000-60,000 crore, said a source close to the development.

The project will be developed by DLF in a 50: 50 joint venture (JV) with the Dubai-based firm Limitless Holdings, a part of Nakheel, the diversified Dubai World group. California-based architecture firm Berkely and design firm Calthorpe Associates have been appointed the master planners for the project.

The project will be developed at about 30 km from Bangalore and 15 km from Mysore. "It is aimed at supplementing the urban infrastructure of the area, and will be a world-class destination for professionals to live and work in," sources said.

Located on the Bangalore-Mysore Railway line and 30 km from the Bangalore airport, the township will have strategic connectivity advantage of being on the southern freight corridor. The township is also likely to have a dedicated metro rail connection to Bangalore. In order to boost existing connectivity, BMRDA is also working on a series of ring roads in the area. The township is set to be self-sustaining, and would be developed on the ideology of "walk-to-work".

Apart from high-end offices and residential developments, Bidadi Knowledge City will also comprise of high-end entertainment options, comprising shopping malls, multiplexes, hotels and serviced apartments. Adequate power and water supply would also be made available for the township.