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Karnataka Housing Board to launch 2,000-acre township in Bengaluru by mid-2023

Construction of another 1,000-acre township is 50 percent complete. Also in the pipeline is a 1,000-acre township ahead of Bannerghatta National Park.

Karnataka Housing Board (KHB) will construct a 2,000-acre township adjacent to Mysore Road in the southwestern part of Bengaluru by mid-2023. Officials said the land has already been identified, and construction will commence post-May 2023.

Construction of another 1,000-acre township is almost 50 percent complete. KHB officials say residential apartment allotment for the township will commence in March 2023, and the e-auction for commercial development is set for June 2023. In total, KHB plans to launch about 4,000 acres of townships in several parts of Bengaluru by end-2023.

NC Arjun Kumar, Superintendent Engineer of Karnataka Housing Board, told Moneycontrol, "The new township will be constructed adjacent to BGS International School and will have more than 10,000 residential units."

The township will have 55 percent of residential space reserved for apartment complexes (about 20 percent of the entire residential part), corner sites (an area of land consisting of one or more adjacent lots, where at least one lot is located at the intersection of two public roadways), and intermediate vacant lands (which will be allotted to homebuyers).

The rest of the township will be developed into commercial units, including office spaces and a mall. The township will also have plots dedicated for civic community facilities like hospitals and schools.

"Currently, in another KHB township in Bengaluru, a 2BHK apartment costs Rs 35 lakh and a 3BHK apartment costs Rs 45 lakh. We can assume the upcoming townships will carry the same costs," Kumar said. The minimum allotment cost for the intermediate sites will be more than Rs 2,000 per square feet, he added.

KHB officials said the development will be done in joint development with the landowners, mostly farmers in the area.

"With rapid urbanisation, the farmers have come forward to give us a majority of their land. We will give them 50 percent of the developed residential area which will benefit them later," Kumar added.

The department will float bids for the commercial spaces for the townships only after June 2023. "Only after the residential part is completed will we invite applications for civic community sites, and then e-auction the commercial sites. The cost of commercial space may be Rs 2,000 per square feet. However, in some places it can be double or even triple this amount," Kumar added.

More townships in the pipeline

Kumar said the state government departments have identified townships as an integrated future model of real estate in India.

Currently, KHB has other townships across Bengaluru, including Suryanagar Phase 1, spread across 300 acres, Suryanagar Phase 2, spread across 600 acres, and Suryanagar Phase 3, spread across 1,000 acres in Attibelle. More than 1,000 units of residential apartments in all the phases have been allocated already, with residential plots and corner sites yet to be allotted.

"We have already completed 50 percent construction of Suryanagar Phase 4 township near Jigani Industrial Area in Bengaluru spread across 1,000 acres," Kumar said.

“We can hope to start allocating the apartment units and vacant lands by March next year,” he added.

The department said another 1,000-acre of township ahead of Bannerghatta National Park is in the pipeline for next year.
Souptik Datta Sub Editor at Moneycontrol
first published: Nov 22, 2022 06:50 am