Brigade Group, Bangalore-based property developers, which has received the final approval for its IT/ITeS Special Economic Zone (SEZ) at Mangalore, plans to introduce hospitality to make the project viable. | |
| According to Anil Kumar, CFO, Brigade Enterprises, "We got the final approval to build IT/ITeS SEZ on a 25-acre plot allotted by the Karnataka Industrial Areas Development Board (KIADB) at Ganjimutt in Mangalore. The project has 2.1 million square feet of developable area." |
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| The company plans to project the SEZ as a low-cost base for Bangalore-based companies looking at expansion or to move into an SEZ to avail of tax benefits. |
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| "Since Mangalore is a tier II city in Karnataka, we are planning to add commercial hospitality in the form of serviced apartments and food courts to make it viable," he added. |
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| Brigade group plans to introduce its 'Brigade Homestead' brand of serviced apartments in the SEZ project. |
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| For the last one year, the company has unveiled over Rs 4,000 crore worth of projects in residential and commercial segments totalling over 12 million square feet in Bangalore and Mysore. |
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| "We have already built up a sizeable land bank in Bangalore, Mysore and a few hill stations in Chikmagalur, Hassan and Kodagu to expand the hospitality segment," said Brigade Enterprises MD M R Jaishankar. |
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| Recently, the company roped in the Singapore-based Banyan Tree Hotels and Resorts to manage its spa being built on 33 acres on the slopes of the Western Ghats, amidst the coffee plantations at Chikmagalur. |
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| The group has also tied up with Starwood Hotels and Resorts to manage properties under the Sheraton brand for hospitality projects in Bangalore and Mysore. |
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| The company has completed projects totaling 67 properties, of which 41 are residential, 21 commercial and five hospitality properties, aggregating to approximately 5.67 million square feet of saleable area and about 6.74 million square feet of developable area. |
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| The commercial projects completed include 'Brigade Software Park', 'Brigade South Parade' and 'Brigade Techpark' with prominent clients like Cisco Systems, Digi Captions India, Mahindra Engineering Design & Development Company, MindTree Consulting, Spice Communications, Tata Coffee and TTK Prestige. |
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