DLF to pump Rs 4,000cr in Bangalore realty

The property market in Bangalore is set to get hotter with the entry of DLF, 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 the state capital.

According to an announcement made by the company today, an investment of Rs 3,000 crore, in developing the apartments coming up over 100 acres, is planned. "We have about 80 acres of land on Bannerghatta Road and 20 in Electronics City," A S Minocha, chairman, DLF Commercial Developers, said. According to Minocha, work on the project will start in the next three to four months, and the first set of apartments would be ready in 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 in the real estate sector in Bangalore, is investing Rs 1,000 crore in the mall. The mall is likely to be one of the biggest in the country.

The company said they were also looking at buying land to develop office buildings in the city.

The projects are part of the proposed investment plans of DLF. The company intends to fund the projects through the Rs 9,500 crore public issue which opens on June 11, 2007.