Bengaluru: Patel Engineering today signed a
memorandum of understanding (MoU) with the Government of Karnataka to develop
145 acres of land in addition to their existing 103 acres of ongoing
development, Neotown in Bengaluru, with an investment of Rs 2,025 crore.
The state government has signed the
MoU at the ongoing global investors meet here to facilitate the necessary
permissions, registrations, approvals, clearances from concerned public
departments as per the existing rules and regulations, to support Patel’s
development plans in the state.
“We are given to understand that this will constitute one of the largest investments across industry categories in Karnataka. We chose Karnataka due to its high economic growth potential which makes it one of the most significant states for us to focus on in India. In a city like Bengaluru, there is need for community living in Integrated Townships, where people can live, work, play, shop, and socialise all within an organised and serene environment.
“We are given to understand that this will constitute one of the largest investments across industry categories in Karnataka. We chose Karnataka due to its high economic growth potential which makes it one of the most significant states for us to focus on in India. In a city like Bengaluru, there is need for community living in Integrated Townships, where people can live, work, play, shop, and socialise all within an organised and serene environment.
“Our endeavour is to be able to
provide an integrated township with all this and more. Neotown, located in
Electronic City, has a very high potential for development in the coming years,
with tremendous prospects for employment to the people. Moreover, due to the
elevated expressway, Neotown is only 12 minutes from Koramangala, which
provides easy and traffic free access to downtown Bengaluru. This gives us the
opportunity to offer people a relaxed social and professional lifestyle, with
all the comforts and no compromise on quality in Electronic City,” said Pravin
Malkani, Managing Director of Patel Realty.
This investment is in line with Patel’s strategic intent to acquire, develop and program real estate assets across major cities in India, where real estate demands have witnessed a sharp increase due to lifestyle changes amongst all age and socio-economic groups.
Malkani added, “Patel Realty has always set new benchmarks in the real estate industry in terms of service, quality, innovation and affordability, thereby creating value for customers, investors, vendors and employees. Some of our popular innovations include Smondos (smart condominiums) that set a new standard for studio apartment, and Neotowns that are self-sufficient townships catering to a family’s complete lifestyle needs such as healthcare, entertainment, shopping, commercial areas etc. We build complete homes and communities, not just houses.”
Patel Realty’s township, Neotown-Bengaluru South is a well-established, integrated, self-sustained township that is part residential and part commercial including IT Park and a sprawling mall in the heart of Electronic City.
This investment is in line with Patel’s strategic intent to acquire, develop and program real estate assets across major cities in India, where real estate demands have witnessed a sharp increase due to lifestyle changes amongst all age and socio-economic groups.
Malkani added, “Patel Realty has always set new benchmarks in the real estate industry in terms of service, quality, innovation and affordability, thereby creating value for customers, investors, vendors and employees. Some of our popular innovations include Smondos (smart condominiums) that set a new standard for studio apartment, and Neotowns that are self-sufficient townships catering to a family’s complete lifestyle needs such as healthcare, entertainment, shopping, commercial areas etc. We build complete homes and communities, not just houses.”
Patel Realty’s township, Neotown-Bengaluru South is a well-established, integrated, self-sustained township that is part residential and part commercial including IT Park and a sprawling mall in the heart of Electronic City.
Patel Realty has been progressing
fast with developing the infrastructure on time, having delivered the first
phase of this project ahead of schedule. With the new investment, Patel Realty’s
land bank in Bengaluru will have a potential to be up to 248 acres, thus
promising ambitious growth for this township, comprising a town centre,
business and hospitality precincts. Neotown has over 2000 residential units in
various advanced stages of development, and has witnessed a healthy sale and
appreciation in price which has prompted people moving in from Bengaluru.
A well planned and integrated township of such mammoth scope in Electronic City will open up avenues for people to have a refined and leisurely lifestyle in an employment-rich high-tech zone, thus making this a preferred location for work and living.
With a total current land bank of approximately 1,243 acres spread across Mumbai, Bengaluru, Hyderabad, and Chennai, Patel Realty is today among the top 10 real estate firms in India.
A well planned and integrated township of such mammoth scope in Electronic City will open up avenues for people to have a refined and leisurely lifestyle in an employment-rich high-tech zone, thus making this a preferred location for work and living.
With a total current land bank of approximately 1,243 acres spread across Mumbai, Bengaluru, Hyderabad, and Chennai, Patel Realty is today among the top 10 real estate firms in India.
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