Patel Engineering Works, also known as Patel Realty, has signed a Memorandum of Understanding (MoU) with the Government of Karnataka. The MoU will enable them to develop 145 acres of land, in addition to the already undertaken development project that includes 103 acres of land in Neotown-Bengaluru, which is in the south of Bengaluru. This will involve a huge investment of Rs 2025 crore.
The deal was signed at the Global Investors Meet 2012 in Bengaluru. The state government’s signing of the deal will ensure that there are necessary permissions, registrations, approvals and clearances from the concerned public departments in accordance with the existing rules and regulations.
While speaking about the development, Pravin Malkani, managing director of Patel Realty said in a statement that this MoU will constitute one of the biggest investments across industry categories in Bengaluru. Karnataka is widely considered to be the state with high economic growth. There is also a huge demand in the capital city for integrated townships due to the need for community living. An Integrated Township could allow its inhabitants with the opportunity of living, working, playing, shopping and socialising with all within an organised and serene environment, he added.
According to Shweta Bhowmick a Bengaluru resident, “The concept of integrated township is pretty unique. It not only allows people living within the township to interact with each other but also serves as a socialising platform.”
Neotown, the company’s ongoing project site, is merely 12 minutes of distance from Koramangala, which ensures easy access to Bengaluru from Neotown. This will further ensure that the residents of Neotown remain up-to-date with the happenings and lifestyles in the city of Bengaluru.
The township will include IT Park and sprawling parks at the heart of the city. The company is moving at a rapid pace to complete the project in time.