Bhartiya Urban to invest Rs 10K cr on a township in Bangalore

Bhartiya Urban to invest Rs 10K cr on a township in Bangalore

Bhartiya Group is primarily engaged in manufacturing and exports of leather apparel through a listed entity Bhartiya International. The group had forayed into realty business in 2006 and this township is its first project.

"We are developing an integrated township 'Bhartiya City' in North Bangalore. Spread over 125 acre, it has been planned as an inclusive urban city in north Bangalore within municipal limits," Bhartiya Group Chairman Snehdeep Aggarwal told PTI.

The township project would be developed in eight phases and involves a total built-up area of 17 million sq ft, which includes 7 million sq ft of housing and 3 million sq ft of an IT SEZ.

Aggarwal said the company would develop 3 million sq ft in the first phase at a cost of Rs 1,600 crore. It has tied up loan of Rs 550 crore from banks.

Asked about the total investment in the project, he said it would be around Rs 10,000 crore over the next 10-12 years.

Aggarwal noted that it would be an inclusive project as apartments would be offered to customers in a price range of Rs 10-60 lakh.

"We will start delivering the flats in 30 months from now. Infrastructure development has already started," he said.

IL&FS holds 26 per cent in Bhartiya Urban while Bhartiya Group promoters has 44 per cent stake in it, Aggarwal said, adding that the remaining 30 per cent is held by Bhartiya International.

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