Biscuit to dairy products manufacturer,Britannia,run by the Wadia family one of Indias oldest business houses,is drawing up plans to unlock a mega real estate play in the heart of Bangalore.Britannia,which is Indias largest biscuit manufacturer,has its headquarters spread across a 6-acre plus land parcel thats situated on old Airport Road,one of the citys arterial roads connecting the central business district to the IT hub of Whitefield.
According to real estate sources,Britannia has sounded out a number of consultants to look at the prospects of re-developing this land parcel,which at todays prices is valued at around Rs 450 crore.
Three years ago there were market rumors that Britannia might look to sell this parcel of land and relocate its headquarters to Mumbai,which is where the Wadia group is based.But,this isnt the case anymore.However,itsuncertain whether post a possible re-development,Britannia would continue to have its corporate office in Bangalore or not.
In an e-mail response to media questions on whether the company plans to monetize its property and if it is looking to move its corporate office from Bangalore to Mumbai,a company spokesperson said,Britannia is evaluating options as it has done several times in the past and no plans have been firmed up.
Sources in the know how of the recent developments told media that the company has asked consultants to give them a detailed account on what would work best as a long-term revenue generation model residential space,commercial space,retail space,hospitality or a combination of all or a few.
Besides,consultants have also been asked to look in to what would be a viable development model,either to enter in to a joint development with local developers or would the company be better of getting on board Bombay Realty,which is the real estate arm of the Wadia group.
Many in the real estate industry are of the opinion that the best bet in redeveloping the property would be for Britannia to either do only commercial space or a mix of high-end residential and commercial space.
Given that the particular land parcel is situated on the main road it enjoys a FSI (floor space index) of around 3 to 3.5,which translates to a built up area of 10-lakh square feet,for a 6 plus acre property.Commercial rentals in the area at present hover around the Rs 80 per sqft mark.
However,any development might face hurdles of going high-rise as the property is located a stones throw away from the citys old-HAL Airport,which is used by the defence forces.
Another source in the know-how said that retail could also be an option,as the only big retail space that is coming up in the area is on Indiranagar 80-feet road,which is being developed by Nitesh Estates.
According to real estate sources,Britannia has sounded out a number of consultants to look at the prospects of re-developing this land parcel,which at todays prices is valued at around Rs 450 crore.
Three years ago there were market rumors that Britannia might look to sell this parcel of land and relocate its headquarters to Mumbai,which is where the Wadia group is based.But,this isnt the case anymore.However,itsuncertain whether post a possible re-development,Britannia would continue to have its corporate office in Bangalore or not.
In an e-mail response to media questions on whether the company plans to monetize its property and if it is looking to move its corporate office from Bangalore to Mumbai,a company spokesperson said,Britannia is evaluating options as it has done several times in the past and no plans have been firmed up.
Sources in the know how of the recent developments told media that the company has asked consultants to give them a detailed account on what would work best as a long-term revenue generation model residential space,commercial space,retail space,hospitality or a combination of all or a few.
Besides,consultants have also been asked to look in to what would be a viable development model,either to enter in to a joint development with local developers or would the company be better of getting on board Bombay Realty,which is the real estate arm of the Wadia group.
Many in the real estate industry are of the opinion that the best bet in redeveloping the property would be for Britannia to either do only commercial space or a mix of high-end residential and commercial space.
Given that the particular land parcel is situated on the main road it enjoys a FSI (floor space index) of around 3 to 3.5,which translates to a built up area of 10-lakh square feet,for a 6 plus acre property.Commercial rentals in the area at present hover around the Rs 80 per sqft mark.
However,any development might face hurdles of going high-rise as the property is located a stones throw away from the citys old-HAL Airport,which is used by the defence forces.
Another source in the know-how said that retail could also be an option,as the only big retail space that is coming up in the area is on Indiranagar 80-feet road,which is being developed by Nitesh Estates.
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