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CONSTRUCTION Realty firm Vaishnavi Group and the owners of Chalukya hotel in JSW GROUP TO INVEST `1 LAKH CRORE IN KARNATAKA
VAISHNAVI GROUP TO REDEVELOP BANGALORE’
CHALUKYA HOTEL
OVER 5 YEARS
The investments will go toward the development of a new
greenfield port as well as the steel, green energy, cement, and
Bengaluru are finalising the terms of an agreement under which
paints industries. According to chairman Sajjan Jindal, the steel-
the iconic property will be redeveloped into a grade-A office
complex, people aware of the plan. Redevelopment of the
to-paints JSW Group will invest `1 lakh crore in Karnataka over
the next five years across all of the group’s businesses. According
property, which is owned by Mohammed Iqbal, is expected to
take two years from the time the requisite approvals are in. It will
new greenfield port as well as the steel, green energy, cement,
offer 150,000 sq. ft. of office space, the people cited earlier said.
“Vaishnavi Group and the landowners who run the hotel are to Jindal, the investments will go toward the development of a
and paints industries. In the state where its flagship Vijayanagar
finalising the terms of the joint development agreement, and the steel factory is located, the business group has already made an
deal is expected to be closed in another two weeks,” said two investment of `1 lakh crore. Karnataka has been a leader in the
people aware of the transaction. Samrat restaurant in Chalukya development of industries and continues to offer a ripe ecosystem
hotel, located in the heart of the city, a stone’s throw from Vidhana that fosters innovation and entrepreneurship at its core, he added.
Soudha, has been popular among politicians, bureaucrats, The steelman also asked state officials to expedite the monetization
tourists and the city’s residents since 1977. “The popularity of the of natural resources, not only to boost government revenues but
hotel is such that Basaveshwara Circle, where the hotel is located, also to address supply-side challenges that companies confront.
is commonly known as Chalukya circle. It’s a landmark,” one of the Given the high standards of education, proactive governance,
persons cited earlier said. “Vaishnavi is seeing if they want to keep and efficient policymaking in the state, which has also made
the brand name as Chalukya or opt for rebranding.” Vaishnavi Bangalore the start-up capital of India, Karnataka has maintained
Group has been developing commercial spaces for over two its position as one of the most sought-after investment destinations
decades now. It had leased out 1.5 million sq. ft. last year. Across in the country, according to him.
commercial and office segments, the realty firm’s projects in the
pipeline offer an aggregate 4 million sq. ft. of space. Of this, L&T-LED REALTY ARM SIGNS AGREEMENT WITH
plans are to launch 3 million sq. ft. in the near future. Bengaluru’s CAPITALAND INDIA TRUST TO DEVELOP PRIME OFFICE
residential segment continues to see high absorption after the SPACES IN INDIA
revival of the market and higher pre-commitment from corporates L&T Realty, the Real Estate Development arm of Larsen & Toubro
for large office spaces. According to real estate consultant JLL, and Singapore-listed CapitaLand India Trust Management
from an overall market leasing perspective, January-September Pte. Ltd., trustee-manager of CapitaLand India Trust (CLINT),
2022 leasing activity in Bengaluru stood at 8.2 million sq. ft. (23% of have entered into a non-binding term sheet for a commercial
India’s total), already equalling the numbers for the full year 2021. platform to develop close to 6 million square feet (0.56 million
In the first nine months of 2022, Bengaluru’s residential market square metres) of prime office spaces across Bengaluru, Chennai
recorded an all-time high sales of 35,446 units. and Mumbai in India. Under this platform, L&T will build and
develop office spaces - while CLINT will market the office spaces.
TARC LAUNCHES RESIDENTIAL PROJECT IN NEW DELHI Depending on the completion of these developments, CLINT
‘TARC TRIPUNDRA’ expects majority of the capital commitment for the projects to Annular Piston PST Clutch F/R Clutch LSD Clutch
TARC Ltd has launched its luxury residential project, TARC Tripundra. start from 2H 2024 onwards. CLINT will acquire the ownership of
Nestled amidst the scenic and posh environs of Pushpanjali Farms these properties in a phased manner, the company said.
on the main Bijwasan Road in New Delhi. Conveniently located
within easy driving distance of commercial and social hubs LULU GROUP MAY INVEST `1500 CRORE IN A NEW MALL
across Delhi-NCR and located at an equidistant from Delhi and IN GREATER NOIDA
Gurugram, TARC Tripundra enjoys seamless connectivity to the The Lulu Group, which has its headquarters in Abu Dhabi, may
Indira Gandhi International Airport and Aerocity. The premium invest `1500 crore to build a mall in Greater Noida in the NCR. The
project offers 3 and 4-BHK homes priced `4.5 crore onwards. The company’s representatives met with the authority and asked them
gated township stands out for its enormous Delhi green view, 7D to find suitable land. The Lulu Group, which already operates a
security, indoor heated pool, terrace area with an open air theatre, mall in Lucknow, has committed `2500 crore to three new projects
star-view facility, and a meditation deck among other facilities. in Uttar Pradesh: in Varanasi, Prayagraj, and Greater Noida. The
Amar Sarin, CEO & Managing Director – TARC Ltd said, “TARC Lulu Group has also made plans to build Ahmedabad, Gujarat,
Tripundra has been launched keeping in mind the aspirations of the largest retail mall in India. This will be an NRI investment, and Master Cylinder Slave Cylinder Wheel Cylinder PM Valve
homebuyers to live within the Capital without worrying about the the `3,000 crore shopping mall would create 6,000 direct jobs
city’s hustle and bustle. Accordingly, our emphasis is on creating and more than treble the state’s indirect employment. The last
an upscale luxurious residential enclave that will be akin to an stages of the land acquisition negotiations for this project will
oasis within the bustling city. Moreover, since most of the flats face see the laying of foundation stone early in 2023. The shopping
open areas on two or three sides, there is ample provision for the centre will house more than 300 domestic and foreign brands,
entry of natural light, fresh air and cross-ventilation across every a multi-cuisine food court with seating for 3000 people, 15
apartment. The 6-feet-plus wide balconies and sundeck options multiplex screens with Imax, India’s largest children’s entertainment
also augment the charm of TARC Tripundra.” complex, and numerous other attractions.

26 CONSTRUCTION OPPORTUNITIES|DECEMBER 2022