Sobha buys 2 acre in Bangalore for Rs 200 cr

Sobha Developers, a Bangalore-based real estate developer, has bought 2 acre of prime land in Bangalore's central business district for an estimated Rs 150-200 crore. However, the company has not disclosed the sum.

According to market sources, Sobha will tie up with a well-known hospitality brand to construct a star hotel.

The property is located opposite Koshy's restaurant and has access to three main roads "� St Marks Road, Church Street and Mission Road.Sobha Developers has been utilising money raised through the recently concluded initial public offer to build land banks in Bangalore and a few other cities in the southern part of the country.

As part of its expansion plans, the company is planning to develop property for residences in cities such as Mysore, Pune, Kochi, the National Capital Region (NCR) of Delhi, Thrissur, Chennai, Mumbai, Mangalore, Coimbatore and Hyderabad. The company is currently in the process of establishing project offices in these cities.

"We intend to develop and construct residential projects, townships, malls, special economic zones and retail commercial projects and also undertake plot development in these cities," a senior company official said.

The official said the company was backed by a "backward integration" model.

"We have a backward integration model, which means we have the key competencies and in-house resources to deliver a project from its conceptualisation to completion. Our backward integration includes an architectural and design studio for our team of qualified architects, concrete block-making plant, metal and glazing factory, interiors and wood works factory, mechanical, electrical and plumbing divisions and project implementation team," he said.

Backward integration ensured that products and services required for development and construction of a project met the company's quality standards and were delivered in a timely manner, he said, adding, "We believe our backward integration model has been one of the important contributing factors to our successful completion of a number of projects in a timely manner, without compromising on quality."