In what could be one of the largest land deals in Bangalore this year,
global investment banking firm Goldman Sachs has signed up 25 acres of
land on the Outer Ring Road. The land has a development potential of
2.5-million-sq-ft office space with an employment potential of 25,000.
The space would be developed by Kalyani Developers.
An official of a real estate services firm, who did not wish to be named, told Business Line
that Phase I of the development would be completed in 2013, while the
second phase would be completed in 2015. According to him, the company
has already signed a Letter of Intent with the developers.
The company is looking at relocating completely from its existing
offices in Manyata Tech Park and Embassy Golf Links, he said. Real
estate analysts estimate that land in the Outer Ring Road area could be
priced at about Rs 6,000 a sq ft.
Infosys too has recently signed up for 1 lakh sq ft SEZ space at Bagmane
World Trade Centre on the ORR, which could be the Indian IT behemoth's
first non-captive space in the city. An Infosys spokesperson confirmed
the development.
Other important deals this year include Wipro (1.3 lakh-sq-ft SEZ space
at Pritech Park on the ORR), Accenture (87,000 sq ft – Pritech Park),
and Ericsson (3.5 lakh sq ft – Bagmane WTC) — all in Q1 of 2011.
In the second quarter of this year, Cisco signed up for 3.75 lakh sq ft
(Vrindavan Tech Village and Salarpuria Hallmark on the ORR) and
Accenture (1.3 lakh sq ft at Pritech Park). In Q4 of 2011, Aricent
Technologies took on lease 2 lakh sq ft (Prestige Etamin on the ORR) and
Sunguard (2 lakh sq ft – Umiya Business Bay on the ORR).
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