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IREF® - Indian Real Estate Forum > Real Estate in India > Real Estate Bangalore > Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State
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Old June 8 2012, 12:16 PM   #1
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Default Patel Realty Signs MOU with the Government of Karnataka for INR 2,025 Crore Investments to Develop a Further 145 Acres in the State

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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.
Patel Realty ,Government Of Karnataka ,Patel Engineering Group,infrastructure,real estate ,
 
Old June 8 2012, 03:37 PM   #2
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Some members had doubt about its land title.

Great news.
 
Old June 10 2012, 12:52 PM   #3
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This was the project which was discussed earlier and many people had told negatives about. Also heard that the construction/quality of Smodoville/Neotown 1 was not good.

Also this seems to be a long term project, so expect construction even while staying there atleast till they complete.

There are question marks on Water also. How is water supplied to this township. AFAIK, there is no cauvery water there.
 
Old June 10 2012, 04:26 PM   #4
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Originally Posted by mymarji View Post
This was the project which was discussed earlier and many people had told negatives about. Also heard that the construction/quality of Smodoville/Neotown 1 was not good.

Also this seems to be a long term project, so expect construction even while staying there atleast till they complete.

There are question marks on Water also. How is water supplied to this township. AFAIK, there is no cauvery water there.
even townships in heart of city do not get cauvery water
 
Old June 12 2012, 05:45 PM   #5
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Default Lots of difference between MOU and actual approvals

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Originally Posted by bangy_11 View Post
Some members had doubt about its land title.

Great news.
MOU is fine but what about the approvals? I heard they have KIADB approvals which we all know is invalid for residential projects....
Apart from this there is a case filled against them by tahsildar...

It would be a good news if they have proper BDA/BMRDA approvals...
 
Old June 12 2012, 06:03 PM   #6
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TheJo1 ....

sorry for barging into this thread of yours without a contribution but i sent you a pm, pls check
 
Old June 12 2012, 06:09 PM   #7
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Quote:
Originally Posted by thejo1 View Post
MOU is fine but what about the approvals? I heard they have KIADB approvals which we all know is invalid for residential projects....
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Originally Posted by thejo1 View Post
It would be a good news if they have proper BDA/BMRDA approvals...
KIADB is given special authority for this project, no need for BDA/BMRDA approval for Neotown.
I don't know from where you are hearing these things.

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Originally Posted by thejo1 View Post
Apart from this there is a case filled against them by tahsildar...
Again you have wrong information.
Case was filed by PRIL against tehsildar notice and they got stay on notice.
 
Old June 13 2012, 09:35 PM   #8
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Baggy - Thanks for accepting that there is a case filled agaist Patel. Yes, they have just got the stay orders from High court... but this case is still pending... I m just worried about it... Wat do u think
 
Old June 14 2012, 10:44 AM   #9
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Originally Posted by thejo1 View Post
Baggy - Thanks for accepting that there is a case filled agaist Patel. Yes, they have just got the stay orders from High court... but this case is still pending... I m just worried about it... Wat do u think
Read again my previous post, the case filed by Patel against tehsildar (not in reverse) and stay is on notice not on project or work. Work is going-on.
 
Old June 14 2012, 01:29 PM   #10
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Hello,

Patel property in Electronic City is under litigation is what i heard. can someone detail the issue, what is the final judgement, etc?
Is it ok to purchase a property under such scenario?
Thank you!!
 
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