TenderTiger

Private Sector | Karnataka - India | PID: 193580
Realty firm Prestige Estates Projects has partnered with Brigade Group to jointly develop a commercial project, comprising a shopping mall and a hotel in Bengaluru, Karnataka

The estimated construction cost of the project is around Rs 500 crore

The two developers have jointly taken 7.5 acre land on 99-year lease located at Old Madras Road (OMR) in Bengaluru. The commercial project will span over one million sq ft area. It will have a shopping mall and a small hotel of around 125 keys

The Prestige Group will have 70 percent shareholding while Brigade Group will have 30 percent stake

Prestige Estates Projects has entered into a Limited Liability Partnership agreement (LLP) with Mysore Projects, a wholly-owned subsidiary of Brigade Enterprises in Prestige OMR Ventures

Prestige Estates Projects and Mysore Projects are partners in Prestige OMR Ventures LLP in the ratio of 70 percent and 30 percent, respectively

The construction work will start after taking all necessary approvals. Both the partners will make equity investments as well as raise debt to develop this premium commercial project

| Updated on: 22 - Oct - 2020
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