Built to inform

Sign up for the daily newsletters

No, Thank you

Prestige Estates, RMZ Corp JV to purchase commercial project

The 70-acre land was originally supposed to be a joint development between Mantri Developers and Century Real Estate

Prestige Estates, RMZ Corp, Commercial project, Bengaluru, Karnataka, Mantri Developers, National Green Tribunal, Ecologically sensitive wetlands, Century Real Estate, Agara development plans

Prestige Estates and RMZ Corp have formed a joint venture (JV) to buy a commercial project in Bengaluru, Karnataka by Mantri Developers for about Rs 1,500 crore.

The National Green Tribunal (NGT) had ordered Mantri Developers to pay a fine of Rs 117 crore for encroaching on an adjacent lake and destroying ecologically sensitive wetlands.

The 70 acre land was originally supposed to be a joint development between Mantri Developers and Century Real Estate, the land owner. But the NGT decision had stalled all progress.

The NGT had also issued an order in 2016 expanding the buffer zones around the city’s lakes to 75 mtr, higher than the prescribed 30 mtr. This too impacted the Agara development plans.

As part of the new deal, Prestige Estates and RMZ Corp will develop about eight million sq-ft of commercial office space, unlike the previous plan which was supposed to be mixed use, with commercial, retail and residential projects.

RMZ Corp has plans to take its commercial portfolio to 75 million sq-ft in the next five years. It has 15 million sq-ft under development across major cities in the country and 16 million sq-ft of completed projects generating rental income of Rs 1,200 crore annually. Prestige Estates has 10 million sq-ft of operating office space and another 25 million sq-ft in the pipeline.

Most Popular

Awards

Olympia Group announces to build up 1.1mn sq-ft greenfield it park in Guindy
The project will have a total investment of about Rs 750 crore

Conferences

Vital pre-monsoon building works resume in Maharashtra
The state government has permitted pre-monsoon work by BMC and other agencies

Latest Issue

June 2020
10 Jun 2020