Bidadi Knowledge City (New Bangalore) | Cancelled

[Zuben]

~Good info there 2 paise.

Thanks

[2Paise]

thanks Zuben

UAE firms Karnataka project stalled after regime change

Dubai, Aug 3 (IANS) Work on a proposed new township in Karnataka planned by a United Arab Emirates (UAE)-based real estate major has been held up following a change of government in that south Indian state.

Limitless, a subsidiary of the Dubai government’s Dubai Holdings, had announced in October last year the $12-billion township in Bidadi, 35 km from Bangalore, in a 50-50 joint venture with Indian realty major DLF.

Construction of the project, spread over 40 million sq mt of land and designed to house 750,000 people, was supposed to start in the first quarter of this year.

But after the Bharatiya Janata Party (BJP) came to power in the assembly elections in May, work got held up as the company was yet to receive information from the new government whether the project would go ahead, the National newspaper reported Sunday.

"We await further news from the government of Karnataka on the Limitless-DLF Bidadi project, but have every confidence that the development will go ahead as planned" Rebecca Rees, media relations manager at Limitless, was quoted as saying in the report.

Limitless, which has a fully-staffed office in India, however, continues to see India as a key market.

"India is facing its biggest urban migration ever, and our ability to masterplan large-scale, balanced urban communities allows us to help India address its growing demand for new homes," Rees said.

"We are planning a series of large-scale developments there that address the country’s evolving real estate needs. Limitless is currently evaluating projects on a pan-India basis," she added.

Judging by the priorities of the new government im sure it will give them the go ahead soon

[cleveraz]

updates......... i know i'm demanding

[2Paise]

DLF yet to start work on Mumbai mill land

DLF’s other big project in Bidadi, on the outskirts of Bangalore, has also faced stumbling blocks. The Rs24,000 crore Bidadi Integrated Township Project (BITP), on 9,170 acres, which was handed over to DLF in October, has been stuck as clarifications have been sought regarding the project agreement and financial clauses pertaining to delay in land acquisition.

cmon guys...hurry it up!

btw, how is it 24k? its a 12 billion USD project...

[GJ10]

Knowledge Cities on Hold over Land-Acquisition

Bangalore: In the summer of 2006, the Karnataka government conceived the Bidadi Knowledge City, 45km south-west of Bangalore, as a hub for the world’s top information technology and biotech firms. At 9,000 acres, it was touted to be one of the country’s biggest realty projects, and was to rejuvenate Bangalore, India’s crowded technology capital.

Later that year, DLF Ltd, today India’s largest developer by market value, won a global tender for the project, estimated to cost Rs50,000 crore, raising hopes that Bidadi would soon become a satellite township to Bangalore.

Last month, DLF walked away from the plan, blaming the state government, its partner in the project, for delays in acquiring land.

A similar fate looms over some half a dozen other proposed so-called knowledge city projects in the country if market conditions don’t improve soon.

Knowledge cities typically are enclosures of research-based industries and educational institutes, a physical bridging of industry and academics. In India, though, these projects have evolved as real estate ventures on large agricultural land parcels, primarily as partnerships involving state governments, realty developers and entrepreneurs trying to cash in on the property boom of the past few years.

But as land asset prices rise in tandem with India’s prosperity—the country’s national income has trebled since 1991—the high land acquisition costs make for the first hurdle. In the Bidadi project, for instance, acquiring 9,000 acres of land alone would have cost DLF and its partner Limitless Holdings Ltd at least Rs3,200 crore.

The then Karnataka administration, led by chief minister H.D. Kumaraswamy, had announced the project expecting large investments, and attracted bids from 32 consortia.

After DLF’s exit, the current Bharatiya Janata Party government in the state is testing the project’s commercial viability, but is not sure if it can find takers if it floats a fresh tender.

The article goes on to discuss the problems being faced by other similar projects around the country, but ive only posted the info relevant to the Bidadi project here.

[idma]

The Karnataka government returned Rs 400 crore to cash-strapped DLF on May Day. Separately, the country’s biggest developer has decided to go slow on new projects in seven of the eight verticals it operates in — the exception being residential property development, reports DNA. Housing currently accounts for about 60 per cent of the company’s revenues and this skew could accentuate substantially with the change in strategy. As part of this, several projects including an 18 acre commercial project at Whitefield in Bangalore and a 5 acre mall project in Chennai are likely to be converted into residential and mixed development projects, quoted a company source in the report.

A senior Karnataka government official said, “The project has been called off and the money has been refunded to the developer on May 1.” A senior DLF official confirmed that the company has indeed received two cheques totalling Rs 400 crore drawn in favour of DLF Limitless Ltd. He said the cheques are yet to be encashed owing to the long weekend.

However, Rajiv Singh said on Saturday evening he wasn’t aware of the money coming in and requested time till Monday to confirm receipt. Meanwhile, the Rs 400 crore deposit was lying with the Karnataka government for the past one-and-a-half years after the ambitious Bidadi Knowledge City project, estimated to cost a whopping Rs 60,000 crore, was scrapped following the state’s inability to acquire the necessary land for it and also a change of ruling government. It was to be set up through a joint venture with the Dubai-based Limitless.

[nagabushan]

More developments after 31st of Aug.

Bidadi township plan gets a push with developers
BANGALORE: The Bidadi integrated township project, touted as New Bangalore and estimated to cost `60,000 crore in 2007, has got a fresh lease of life.

The township is once again generating interest among realestate developers after it was shelved because of economic slowdown.

Sources in the Bangalore Metropolitan Region Development Authority (BMRDA) said Reliance Infrastructure, Hindustan Construction Corporation, GVK, GMR, Marg and Rajesh Exports were among those keen to take the project forward.

In a bid to encourage more competition, the state government, which was supposed to open the request for qualification (RFQ) bids on Tuesday, extended the date to September 24, sources said.

"The technical advisor to the project has said it would be wise to extend the date so that other bidders can participate and bidding is more competitive," said a BMRDA official who did not want to be identified.

The source said the department has received a Request for Qualification from Reliance Infrastructure for the project.

The mega project has been planned in Bidadi, 30 kilometres from Bangalore, over 9,178 acres of land.

The project, planned with the idea to decongest Bangalore city, was awarded to Delhibased real estate player DLF in 2007.

It was shelved after DLF backed out of the project citing economic slowdown and political instability in the state. The Karnataka government revived the proposal at the last Global Investors Meet and sought investors.

The project, estimated to cost `60,000 crore in 2007, is now estimated between `70,000`80,000 crore. Officials said the increase in cost was due to increase in input costs and real estate prices.

http://expressbuzz.com/cities/bangal...rs/202922.html

[naveen_blr]

excellent news ....this should be a breather to the Bengaluru .....B/w such big developments take years to finish.....Any idea this would be an SEZ too & there was a planned Metro connectivity to it?

[landblr2009]

any updates from forum members regarding Bidadi township. whether this project will see the light of the day given the delays and political compulsions

[nagabushan]

http://www.bangaloremirror.com/artic...ct-Centre.html
http://www.bangaloremirror.com/artic...RDA-wings.html

any comments on these articles in the media ?

[avinash2060]

New Bangalore moves closer to reality. Four firms have been short-listed for the Bidadi Integrated Township project, touted as New Bangalore and proposed to come up on 9,178 acres in Bidadi, Ramanagar district, 31km off Bangalore city.

Bangalore Metropolitan Region Development Authority (BMRDA) sources revealed that it has sent the names of GVK Group, Reliance Infrastructure, Hindustan Construction Corporation and Rajesh Exports to chief minister BS Yeddyurappa, who would chose one of them to entrust the project with.

According to the sources, Hindustan Construction Corporation is the frontrunner for the project. The chief minister is also the chairman of BMRDA.
Buoyed up by the response to the last Global Investors’ Meet, the BMRDA had issued a notification this month calling for companies to undertake the project that was proposed to de-congest Bangalore. The project, a public-private partnership, was initially awarded to DLF in 2007 when HD Kumaraswamy was the chief minister.

However, the Delhi-based real estate major backed off, citing political instability in the state and global economic meltdown as reasons. "Once the CM gives his nod, the company can start land acquisitions. It will develop the township infrastructure, market and operate it too," said another official.

BMRDA has identified 10 villages—Aralalasandra, Kanchugaranahalli Kaval, Kempayyanapalya, Mandalahalli,Kanchugaranahalli, Vaderahalli, Byramangala, K G Gollarapalya, Bannigiri and Hosur—for the township. Of the total area, government land contributes to 2,198 acres, while 6,336 acres are private properties.

http://www.dnaindia.com/bangalore/re...ouldnt_1561778

[naveen_blr]

Hope this gets a push...excellent for a new city and Mandya/Mysooru.....even the Mysoor Airport will get a fillip.

[ChennaiIndian]

KA has lot of land and less population. These hundreds of acres can be easily taken by the Govt for development works.

[naveen_blr]

Originally Posted by ChennaiIndian

KA has lot of land and less population. These hundreds of acres can be easily taken by the Govt for development works.

+1 to the population but not to taking over of land :-)

[s.yogendra]

Government shelves five township projects

BANGALORE: The state government has decided to drop the ambitious five integrated townships development project proposed to be set up at Bidadi, Sathanur, Solur, Nandagudi and Ramanagaram, adjacent to Bangalore Metropolitan and Bangalore Development Authority (BDA) area.

Briefing newsmen after a Cabinet meeting, Minister S Suresh Kumar informed that the proposal was shelved as the project failed to take-off even five years after its clearance.

The ambitious project was originally awarded to Delhi -based real estate giant DLF in 2007. Stating that ever since notification was issued to develop five towns as ‘integrated townships’ no development was allowed in the notified area, he said that all such barriers would be removed from now on.

He said that the notification to drop the project would be issued soon.

With the decision to shelve the project, the ban imposed on the development of private properties, including agricultural lands, in four towns around a 50 km radius of Bangalore will become fractious. “Soon, any development project to be placed before the Bangalore Metropolitan Region Development Authority would be approved by government,” he said.

Suresh Kumar said, “In future, those development projects which are placed before the Bangalore Metropolitan Region Development Authority adhering to all norms would be approved by the government.”

The minister, however, said the ban imposed on all developmental activities in and around Bidadi, where a pilot project was planned, would continue to be in force.

http://ibnlive.in.com/news/governmen...69-60-119.html

[gentem]

good sense prevails..