Prestige Estates Bags 8-acre Plot on Koramangala Road in Bangalore
Siemens, the well-known engineering and electronics company, sold one of its prime plots to Prestige Estates, a Bangalore-based builder. The plot is located on the Koramangala Road in South Bangalore, has an area of 8 acres, and was sold for an amount of Rs. 345 crore. The builder is said to have already paid the advance amount, and registered the property. Only an official declaration is now pending.
The deal took place between Juggy Marwah, the managing director for JLL India in South India – a real estate consultancy firm. The same transaction was supposed to happen between Siemens and RMZ Corp in 2011. RMZ is said to have paid the first instalment of Rs. 32 crore for this particular land pocket, but the deal didn’t see a fruitful end for some reasons. 50% of the money was returned by Siemens to RMZ Corp, according to reliable sources.
This 8-acre land previously housed a VDO Automotive factory, which came under the Siemens’ fort after their merger with the equipment manufacturer in the year 2005. Located in a prime location, the area is known for its residential and commercial development. The real estate projects here are priced anywhere between Rs. 9,000 and Rs. 15,000 per sq ft, depending on the reputation of the builders.
Source: The Economic Times
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