DLF to invest Rs 4,000 cr in B'lore

The property market in Bangalore is set to get hotter with the entry of DLF Ltd, which plans to build 10,000 residential apartment units in the city.

The real estate major is also building a 2-million sq ft mall in Bangalore.

DLF today said they will be invest Rs 3,000 crore in developing the apartments which will come up on 100 acres.

"We have about 80 acres of land on Bannerghatta Road and 20 in Electronics City," DLF Commercial Developers chairman A S Minocha said.

According to Minocha, work on the apartments will start in the next three to four months, and the company will make the first offering for the apartments after two years.

Work on the mall, which is coming up in Whitefield, has already begun and will be open for commercial use in about 18 months, Minocha said. DLF, which is a late entrant into the real estate sector in Bangalore, is investing Rs 1,000 crore in the mall. This is likely to be one of the biggest malls in the country.

The company said they were also looking at buying land to develop office buildings in the city. These projects are part of the proposed investment plans of DLF and it intends to undertake the project from the Rs 9,500 crore public issue which opens on June 11, 2007.