Bengaluru-based real estate developer Concorde has acquired a 1.6-acre land parcel on the city’s Sarjapur Road to construct a premium high rise residential complex with a revenue potential of ₹200 crore, the company said in a statement on June 27.
The company said that the acquisition was facilitated by property consultancy Colliers India.
“We are thrilled to bring another landmark development to Sarjapur Road…With the support of Colliers India, we were able to structure a deal that benefits both the landowners and our development goals,” said Nesara B S, chairman, Concorde.
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The proposed residential project will comprise 2 and 3 BHK units, spread over a high-rise tower spanning 2.25 lakh square feet. “The upcoming project will feature modern design architecture ensuring efficient utilization of space, smart and tech-enabled elements for enhanced security, energy conservation through home automation and sustainability elements that adheres to Concorde’s SMART philosophy,” the company said.
It will include Concorde’s signature clubhouse – Evolve.
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Sarjapur Road boasts connectivity to key IT hubs such as Whitefield, Electronic City, Outer Ring Road, Marathahalli and Koramangala. The area’s infrastructure is set to further improve with the completion of Bengaluru Metro’s phases two and five, and the proposed 74 km Peripheral Road.
“By formulating the correct structure, we were able to meet the business requirements of the developer and landlord,” said Piyush Gupta, Managing Director, Capital Markets and Investment Services, Colliers India.
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Concorde is present both in the residential and commercial real estate segments with a footprint of 25 million square feet to its credit. It presently has projects spanning 6 million square feet under development.
