Landmark Rs 650cr realty deal in city
City-based real estate broking and consultancy Silverline Realty Pvt Ltd brokered a Rs 650 cr deal, a landmark in north Bengaluru. A special purpose vehicle comprising Phoenix Mills and Canadian Pension Fund acquired 13 acres from L&T near Jakkur, enroute to the airport. At Rs 50 cr per acre, this is the highest price paid for a land parcel in this part of the city. A one million sqft mall is slated to come up on this land parcel.
“NorthBengaluru is a prime catchment area for social infrastructure. A city tends togrow towards and around an airport. The mall here will herald more suchdevelopment. What’s significant about this deal is the potential Phoenix seesin the northern quadrant. Just as the ITPL and Export Promotion Industrial Parkchanged the character of the Whitefield belt, making it into an employment hub,this project will add the crucial entertainment and shopping dimension to thenorthern quadrant”, said Zahed Mahmood, Director, Silverline Realty Pvt Ltd,who brokered the deal along with Ayub Khan of Apex Estates &Properties who represented the seller
Speakingon the deal, Mahmood said, “The total land parcel is a 65-acre developmentcomprising residential, commercial and a special economic zone. L&T wantedto sell the commercial development (13 acres) with the floor space index (FSI)of around two million sqft as the base. L&T saw our point of selling theproperty to Phoenix for a mall as it will add value to their residential andSEZ development, and they will get a better price on those properties”.
Onconvincing Phoenix Mills, he said, “We presented the potential of this localityto Phoenix and they were convinced that the price was well worth it”.
Thisdeal heralds a new era for the property industry in north Bengaluru.