City-based real estate broking and consultancy Silverline Realty Pvt Ltd brokered a Rs 650 cr deal, a landmark in north Bengaluru. A special purpose vehicle comprising Phoenix Mills and Canadian Pension Fund acquired 13 acres from L&T near Jakkur, enroute to the airport. At Rs 50 cr per acre, this is the highest price paid for a land parcel in this part of the city. A one million sqft mall is slated to come up on this land parcel.
“North Bengaluru is a prime catchment area for social infrastructure. A city tends to grow towards and around an airport. The mall here will herald more such development. What’s significant about this deal is the potential Phoenix sees in the northern quadrant. Just as the ITPL and Export Promotion Industrial Park changed the character of the Whitefield belt, making it into an employment hub, this project will add the crucial entertainment and shopping dimension to the northern quadrant”, said Zahed Mahmood, Director, Silverline Realty Pvt Ltd, who brokered the deal along with Ayub Khan of Apex Estates & Properties who represented the seller
Speaking on the deal, Mahmood said, “The total land parcel is a 65-acre development comprising residential, commercial and a special economic zone. L&T wanted to sell the commercial development (13 acres) with the floor space index (FSI) of around two million sqft as the base. L&T saw our point of selling the property to Phoenix for a mall as it will add value to their residential and SEZ development, and they will get a better price on those properties”.
On convincing Phoenix Mills, he said, “We presented the potential of this locality to Phoenix and they were convinced that the price was well worth it”. This deal heralds a new era for the property industry in north Bengaluru.