BWI: Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State

Press release from Business Wire India
Source: Patel Realty
Friday, June 08, 2012 11:10 AM IST (05:40 AM GMT)
Editors: General: Consumer interest, People, Politics; Business: Advertising, PR & marketing, Business services, Construction, Major diversified industrial groups, Real estate
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Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State


Bengaluru, Karnataka, India, Friday, June 08, 2012 -- (Business Wire India) -- Patel Engineering Ltd 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-Bengaluru south in Bengaluru, with an investment of INR 2,025 crore, at the Global Investors Meet (GIM) 2012 at Bengaluru. The Government of Karnataka has signed the MoU 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. 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 from Neotown. 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 Mr. Pravin Malkani, Managing Director, 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. 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.

About Patel Realty

Established in Mumbai in 2007, Patel Realty is a wholly owned subsidiary of the Patel Engineering Group. Patel Engineering (BSE: PATENG) is a sixty year old company with a global presence in infrastructure, power and tunneling. Patel Realty India Ltd. operates as a diversified real estate development company engaged in the development of real estate and currently has under its development portfolio three integrated townships, along with high end commercial and residential projects underway in Mumbai and several other projects in Noida, Andhra Pradesh, Tamil Nadu as well as Mauritius. The execution of all the projects of the company is backed by its parent company, which has successfully completed over 350 Projects in over six decades and has a global presence in USA, Greece, Indonesia, China, Chile, Eritrea (Africa), Qatar, Nepal, Sri Lanka & Bhutan.



CONTACT DETAILS
Anusuya Mitra, Waggener Edstrom Worldwide, Mumbai, +91 (22) 61981004, amitra@waggeneredstrom.com
Rishar Raviraj, Waggener Edstrom Worldwide, Bengaluru, +91 (080) 67235011, rraviraj@waggeneredstrom.com

KEYWORDS
CONSUMER, PEOPLE, POLITICS, MARKETING, BUSINESS SERVICES, CONSTRUCTION, GROUPS, REAL ESTATE

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