Patel Realty plans Neotown township in Electronic City

Foraying into the already crowed Bangalore market, PRIL, a 100 per cent owned subsidiary of Patel Engineering Limited, is readying to launch its project — Neotown — with an estimated investment of Rs 900 crore, covering an area of 120 acre in Electronic City.

Speaking to Deccan Herald PRIL President Pravin Malkani said the firm has in place a master plan that will provide all the amenities to help retain the spirit of a community. (The master plan was developed by AFW of Singapore.)

The first phase of Neotown, spanning 34.5 acre of land  would comprise of 10 acre of residential property (studio apartments and 1&2 BHK houses), 16 acre of retail space and 8.5 acre is dedicated for the IT park to be launched later this month, with an estimated cost of Rs 350 crore.

Malkani said PRIL has already invested around Rs 70 crore on infrastructure such as roads and walkways, besides having completed work on the drains and other essentials.

The pre-launch prices at the project, he said, would be in the range of Rs 1,885 per sq ft, while the studio apartment will cost Rs 6.79 lakh (360 sqft), the 1BHK and 2 BHK will cost Rs 11.97 lakh and 16.3 lakh respectively. The 2BHK with terrace is priced at Rs 16.87 lakh. If the customer were to buy the property on an EMI model, he said the firm will fix EMI rates below that of current market rental prices.

Taking the community concept forward, he said the firm will build villas, healthcare centres, malls among other essentials including an artificial lake.

PRIL, which  has planted 2,10,000 samplings on the site will develop a nursery too.