The Kamataka State Electronics Development Corporation
Ltd (Keonics) is planning to construct a hotel or a shopping mall and service apartments
at Electronics City in Bangalore. A shopping mall or a three-star hotel is
slated to come up on the one acre adjacent to the National Highway at
Electronic City phase one. The service apartment is being planned on 1.17 acres
inside the Electronics City.The Electronics City project of Keonics is a
landmark that was developed on 332 acres on Hosur road. It houses over 100 information technology and electronics companies including Wipro, Infosys, HP, Siemens, 3M,
Indian Telephone Industries and Motorola. The combined strength of the
companies is around 30,000 people.
Currently, malls and other such facilities are lacking in
the area. Employees working in and around Electronics City have to travel long
distances on Hosur road to find such facilities. Keonics wants to provide these
amenities in the region. It is planning to take up the construction work through
a public-private partnership. The corporation plans to lease the land to a
private partner for 30 years. The project partner is expected to bring the finance
for the project, develop a design, build market for the facilities created and
operate.
At the end of the lease
period, the property will be transferred back to the corporation. According to
a senior Keonics official, the lease amount fixed for the commercial complex
project is around Rs 3lakh a year. For service apartment project, it is Rs 2lakh
a year. The corporation recently has called for bids from project management consultants
such as real estate firms, property developers, hotel operators and IT companies.
He further said that as the projects are being taken up via public-private
partnership through a bidding process, the minimum upfront non-refundable/non-adjustable
price for the prospective bidders is Rs 4crore per acre. Bidders have to bid
the upfront price for the project over and above the minimum price fixed.
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