New Delhi: India’s largest real estate developer by market value, DLF Ltd, has been awarded the contract to develop Bidadi Knowledge City on 9,178 acres of land between Bangalore and Mysore, after the Karnataka cabinet cleared the project.
An official announcement is likely to come as early as Tuesday.
DLF chairman Kushal Pal Singh
The project, which is being positioned by the Bangalore Metropolitan Regional Development Authority (BMRDA), the state government body responsible for the development, as New Bangalore, is part of an effort to address Bangalore’s infrastructural woes—choked roads and inadequate power, among others—that have progressively made the southern city less attractive to companies, investors and residents.
The project involves an investment of Rs60,000 crore, according to one person familiar with the project who did not provide a break-up of the number or say how it was arrived at. DLF, this person said, would develop the city through a 50:50 joint venture with the Dubai-based Limitless Holdings, an associate of Nakheel, a company with which DLF has an existing relationship to develop an integrated township and special economic zone.
It was unclear what DLF would contribute to the project funding. DLF vice-chairman Rajiv Singh and BMRDA officials couldn’t immediately be reached for comment.
In response to BMRDA’s tender to identify developers, at least two dozen consortiums expressed interest in the project, though by July, DLF was the only consortium left in the race.
The same person said Bidadi would be a “self-sustaining township” where people could “walk to work”. The city, which will come up 60km from the new Bangalore International Airport, would have a “dedicated metro rail connection to Bangalore city”, the person said.