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Bengaluru: Real estate developer Concorde has
acquired a development opportunity of approximately 4 acres in Electronic City,
Bengaluru, for a new premium residential project with an estimated Gross
Development Value (GDV) of around ₹600 crore.
The proposed
development is expected to comprise approximately 5.25 lakh sq. ft. of built-up
area and will offer premium 2 and 3 BHK apartments, along with lifestyle
amenities. Concorde is investing around ₹56 crore towards the land cost.
The
transaction includes an outright acquisition of around 2 acres, while another 1
acre has been secured through a Joint Development Agreement (JDA). The
acquisition of an additional one-acre parcel has been completed in principle,
with documentation expected to be completed shortly.
According to
Concorde, Electronic City remains an important residential and employment
corridor in Bengaluru, supported by its technology ecosystem, connectivity and
expanding social infrastructure. The company sees the micro-market as having
continued potential for premium housing development.
The
acquisition also has strategic significance for Concorde, as Electronic City
was the location of the company's first project. The developer said it has
since delivered more than 4 million sq. ft. across over 10 apartment and villa
projects in the area.
The latest
project adds to Concorde's residential development pipeline in Bengaluru and
reflects the company's focus on established employment-led micro-markets with
sustained housing demand.
By : The Realty Times — Real Estate News, Property Insights & Market Updates
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