City becoming a home only for the filthy rich?

All-in-one townships take shape here
Flats, Schools, Shops, Hospitals, Hotels On 100-Acre Land
The Times of India

Bangalore: This is as big as it gets: massive townships are being planned by foreign and domestic developers on the outskirts of Bangalore.

These will combine commercial, residential, retail, educational and medical facilities. Each township will have several thousand residential units, with a mix of villas, row houses, low-rise and high-rise apartments. Observers say around six such projects may take
off this year. Shriram Properties, part of the Rs 4,000-crore Shriram Group, and Sri Lanka-based $600-million Ceylinco Consolidated have formed a joint venture called Ceylinco Shriram that plans to set up an integrated township on the Old Madras Road on over 100 acres with an investment of Rs 120 crore.

The Adarsh group is believed to be looking at a similar project on the Outer Ring Road. The Embassy group has plans for one near Hebbal. The Prestige group, which has been vying for the 100-acre property belonging to D.K. Adikeshavulu in Whitefield, may use that property for a township that will have a World Trade Centre and a premium hotel. “People are looking for a lot of comforts, which is possible to provide only in a large facility,” says Shriram Properties CEO Murali. “There are many who work late and long hours, and therefore seek facilities like shopping complexes, entertainment centres and schools nearby.”

Delhi and Mumbai have already seen a few such townships, built by developers like DLF, Unitech and the Hiranandani group. In Hyderabad, IJM Corporation Berhad of Malaysia is setting up an integrated township in joint venture with the Andhra Pradesh government. In Chennai, Lee Kim Tah Holdings of Singapore is doing a 102-acre knowledge industry township.

Bangalore hasn’t seen such a major project because the Karnataka government was not very enthusiastic about it. “That attitude is now changing. And we see a lot of interest among developers, including those in other cities, and among high networth individuals to invest in such townships,” says Mayank Saksena of Chesterton Meghraj Property Consultants.

Fire Capital Fund, a venture capital fund launched last year for the real estate sector in India, has said it is planning to fund an integrated township project in Bangalore. Ankur Srivastava, head of the Indian operations of property adviser DTZ, says developers in South East Asia and West Asia are also very keen on such projects. The Centre has allowed 100 per cent FDI in integrated townships, provided these are developed on a minimum of 100 acres or has a minimum of 2,000 residential units.

Big players

Fire Capital Fund is planning to fund an integrated township project in Bangalore.
Ceylinco Shriram plans to set up an integrated township on the Old Madras Road.
The Adarsh group is looking at a similar project on the Outer Ring Road.
The Embassy group has plans for such a project near Hebbal
. The Prestige group plans a township with a World Trade Centre in Whitefield.