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Indian Real Estate News : Bangalore
Brigade, GIC buy HUL Bangalore plot for Rs 125 crore
Source: ET Bureau Jun 28, 2012

Real estate developer Brigade Enterprises and the Government of Singapore Investment Corporation have jointly bought a piece of prime land in Bangalore's Whitefield from Hindustan Unilever for Rs 125 crore. GIC's affiliate, Reco Begonia, has entered into a partnership with Brigade to develop a premium residential project on the plot at Whitefield Main Road in Bangalore. While Brigade will hold a majority stake, GIC will control 49% in the upcoming project. GIC will be investing a little over 100 crore in the project, including land and construction cost, Brigade said in a notice to the stock exchange late in the evening. "We have sold the 9.5-acre Whitefield land parcel to Brigade Group," a HUL spokesperson confirmed, without sharing details. The bid for the property opened in April saw total seven bidders including Prestige Estates Projects, Mahindra Life spaces; CapitaLand and RMZ Corp. Bids offered by Prestige Estates and Mahindra Lifespaces for the property were around Rs 111 crore.

According to the Brigade group, the project will target high-income group and is likely to have a total 1 million sq ft of development potential. The company expects the project to generate revenue worth Rs 700 crore in the next 3-4 years. Total cost of the project is likely to be Rs 200 crore, the company said in the notice to BSE. The company, however, did not provide details on the deal.

Tag: india real estate, bangalore properties, bangalore real estate
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