Patel Realty launches township project in Bangalore

Patel Realty India Ltd, a 100-per cent subsidiary of Patel Engineering Ltd, announced the launch of the second phase of its integrated township project Smondo 2.0 at Neotown, Bangalore. The company has already sold 1,000 units of its 1,123-apartment first phase of this project — Smondoville. Pravin Malkani, president, Patel Realty said that construction of the first phase, which started in January 2010, is currently 25 per cent ahead of schedule. Smondo 2.0 will be an exclusive 240-apartment project at Rs 3,950 per sq ft. Apartment sizes would range from 675 sq ft to 1,460 sq ft. The company hopes to complete the construction of the second phase in two years. Malkani said that the company plans to launch 500-1,000 more units in the same township by the year-end. Neotown is an integrated township spread over 120 acres, with a huge strip mall with 7 lakh sq ft of leasable area on offer, which will be spread over 16 acres. The company has appointed a Gulf-based contractor to develop the mall, said Malkani. There will be a 120-room hotel too in this township, and the company is talking to leading US-based operators for the same, he added. Source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=10087&cat_id=1 Filed under: Bangalore , Builders/ Developers , New projects Tagged: Bangalore , Patel Realty India Ltd

[via India Real Estate Tracker]