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Brigade Group, through a joint venture with Classic Valmart, has formed a special purpose vehicle — BCV Developers — to develop its first integrated project in Bangalore.
The project, Brigade Orchards, would be spread over 120 acres at Devanahalli.
project cost
The company estimates the project cost at Rs 2,000 crore, including the land cost of Rs 350 crore.
“We have fully paid up for the land, and the project would come up in phases. We expect to complete the project in five years,” Mr Kailash Advani, Chief Executive Officer, BCV Developers, said.
According to him, the company would fund this project through internal accruals, construction finance and direct equity infusion.
“Each partner can divest up to 24 per cent in the SPV,” he said.
The project would see the development of 6-7.5 million sq ft of residential units.
“We plan to develop anywhere between 3,500 and 4,500 residential units depending on the market,” said Mr Advani.
“Residential units would be spread across price segments — villas, high-end apartments, mid-income units, value homes and EWS housing, he added.
“Prices would range from sub-Rs 10 lakh and Rs 3 crore.
“The number of units in the high-end and mid-income segments would depend on the demand, and “if there isn't enough demand for these, we would increase the value home offerings where there is enough demand”, explained Mr Advani.
The project would also develop about one million sq ft of commercial space.
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