Bhartiya International enters real estate
Bhartiya International, a fashion apparel exporter has made its entry in the real estate sector by launching a Rs 1,400 crore project in Bangalore. The company plans to fund the project through a mix of internal accruals and debt.
The promoters of the Delhi-based company have a land of 125 acres in Bangalore near Hebbal flyover and they are planning to develop a mix-use project that will have residential, buildings, few hotels, a school, a mall and a hospital along with an IT SEZ.
Already the company has raised an amount of Rs 200 crores for the first phase of the project, mainly residential, from a consortium of banks including the Corporation Bank and Bank of Baroda.
The company entered real estate due to the huge demand of residential projects and it also wanted to monetise its land assets.
Banks have approved up to Rs 700 crores for the project. In first phase around 400 units got sold out and the second phase construction has started, which is expected to get completed by next 3-4 years. The booking of units for the second phase will start from next year. They are expecting to generate about Rs 800 crore in the next three years from the residential units, which will take care of the other constructions.
The integrated city will be named as Bhartiya City while the residential unit will be called Nikko Homes. The project will have 2,400 residential units spread across 17 million sq ft.
Bhartiya International has floated a separate subsidiary called Buildco, wherein promoter Snehdeep Agarwal and his family hold 44 percent stake and ILFS has 24 percent. The rest is owned by the company. The apartments are priced between Rs 29 lakh (studio apartment) and Rs 1.5 crore for a three-bedroom flat, the project will have 2,400 residential units in total spread across 17 million sq ft.
The project is approved by banks like HDFC, ICICI and Axis bank. It offer unique amenities like aerobics room, ATMs, barbeque pit, canopy walk, dance studio, event space and amphitheatre, garden drop-off and much more.
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