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Century Real Estate signs MOU for Rs 957 cr with Govt of Karnataka

Announcement  |  Corporate 

Century Real Estate - an integrated, full-service real estate development company head-quartered in Bangalore has signed a MoU with the Government of Karnataka for a whopping Rs 957 crore during the recently held Global Investors Meet (GIM) in Bangalore, underlining its status as one of the leaders in the real estate sector in the country.

The MoUs were signed by group subsidiary companies Cityview Bangalore Properties Pvt Ltd for developing a 5 star hotel, serviced residences and commercial space in Bangalore CBD with an investment of Rs.917 crore and Fortune Pai Software Pvt Ltd for developing a Software Park in Electronic City Phase II with an investment of Rs 40 crore.

The MoU was signed by Mr. P Ravindra Pai, Managing Director, Century Real Estate Holdings Pvt Ltd in the presence of Mr. B.S.Yeddyurappa, Chief Minister, Government of Karnataka and other dignitaries on June 3, 2010. 

“This is a matter of great pride for us,” says Mr. Ravindra Pai. “Century Real Estate has stood for the highest values and ethics in the sector. Today we are happy to announce this investment which can contribute substantially in supporting Karnataka's stature as an economic power.”

The projects are envisaged to be completed by 2013 and are expected to create employment for over 800 local persons in addition to encouraging local vendors for sourcing of raw materials and equipments. 

About Century Real Estate:
Century Real Estate is an integrated, full-service real estate development company headquartered in Bangalore, India with a rich history of developing premier projects and landmark buildings that spans three decades. Established in 1973, we have contributed significantly to making Bangalore the destination of choice for people from around the world.  Today, we are the largest owners of real estate in Bangalore with a land bank in excess of 3000 acres representing more than USD 2 billion in asset value, and a development portfolio of over 10 million square feet comprising hotels, office buildings, residences, educational institutions and integrated townships. In large measure, we have achieved this position through our ability of continuously Thinking Ahead® for our customers, employees and all other stakeholders of the Company. Some of our completed and ongoing projects include Century Corbel,Century Celeste, Century Wintersun, Century Indus, Century Pragati, Century Paradise, Century Austral and Century Avalon.

First Published: Tue, June 08 2010. 19:33 IST