Tata Realty and Infrastructure Ltd (TRIL), the Tata Group's real estate development arm, has bought 25.3 acre of land in Bengaluru for Rs 986 crore, according to an August 8 regulatory filing.
The seller is Graphite India Ltd, and the transaction took place through TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd, wholly owned subsidiaries of TRIL.
The land parcel is located in Doddanekundi Village next to KR Puram Hobli in northeastern Bengaluru.
Real estate experts said Doddanekundi Village is one of the prime areas in north-eastern Bengaluru close to the IT corridor of Whitefield. Land prices in the area are about Rs 25-30 crore per acre.
TRIL has confirmed the transaction to Moneycontrol.
The regulatory filing said that the execution and registration of the sale deed and other documents are still awaited.
The launches
Currently, Tata Realty plans to launch 5 million square feet of office space in Bengaluru, including two IT parks, with an investment of Rs 4,000 crore by the end of this year.
In Bengaluru, the company plans to launch at least two IT parks in the office segment. The launches will sprawl across 30 acre in the northern part of the city like Hebbal and the eastern IT corridor of Whitefield.
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