Khodays to sell Plamgrove Nurseries

Expected to rake in Rs 60 crore

Khoday Group in an effort to unlock its real estate assets is selling one of its prime land possessions in the heart of the city for around Rs 60 crore.

Plamgrove Nurseries located on busy Palace Road, a stone throw away from High Grounds police station and right next to Sophia School, is owned by L K Trust and is one of the prime properties which has not been touched for commercial purposes so far.

This plot covering an area of about 92,000 square feet (measures east by 167.3 feet, west by 225 feet, south by 447 feet and north by 551.9 feet) is expected to be valued upwards of Rs 60 crore (with the market rate of Rs 6,000 per square feet).

According to people associated with real estate, this land is best suited for commercial ventures mainly retail, hotel or office space.

Plamgrove Nurseries has a rich heritage and has wide variety of garden and decorative plants. Prior to moving into Khoday group this property was referred to as 'Haselmere' and 'Moradabad'.

Said a old timer of Bangalore city, "this is such a nice property and provided much needed greenery in the city which is fast depleting. It will be a pity if this is destroyed and a concrete building is brought up here."

If this green property too goes to a commercial venture, it will join the growing list of well known landmarks being broken down to make way for this fast growing city.

One of the fine examples of such a development was the sale of The Victoria Hotel which was elegant and subtle with its stately victorian settings, charming red-tiled-roof cottages and green arbours which made for an excellent respite.

The Victoria Hotel once a landmark in the heart of the city on Residency road has made way for a 1.25 lakh square feet shopping mall, Bangalore Central.

In addition to this, another landmark the 69-year old Plaza Theatre on M G Road is being brought down to give rise to a retail venture.