Vijay Mallya doing a Mukesh Ambani in Bangalore?
The word is that the 'King of Good Times' is set to build a massive multi-storeyed complex for himself in Bangalore. World's expensive luxury real estates
By TNN |
BANGALORE: Is Vijay Mallya doing a Mukesh Ambani in Bangalore? The word is that the ���King of Good Times��� is set to build a massive multi-storeyed complex for himself in Bangalore on his ancestral property on Vittal Mallya Road, adjacent to UB City.
Sources say the plan is to have a designer skyscraper apartment with possibly even a helipad on the fouracre property.
Real estate sources said that the UB Group chief has roped in global consultancy firm DTZ to do the ground survey and planning. DTZ���s professional advisory services include the management of real estate portfolios, building consultancy and valuation.
Mallya���s plan sounds similar to what Mukesh Ambani is doing: building a $1 billion 60-storey place in Mumbai that sports a helipad, health club and six floors of car parking.
Named Antilla, after a mythical island , the complex will be Ambani���s new home.
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For Mallya���s project, several leading Indian developers are said to have approached the UB Group chief to be part of his home-development plan. However , sources said Mallya is keen to hire an overseas developer. It is believed that a Singapore-based developer will undertake the construction. | | | Also Read |
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However, it���s not clear what the height of the apartment would be. While one source said it would be 16 floors, another said it could be closer to 30, while yet another said Mallya was thinking of a 37-storey building. When TOI contacted Mallya on the matter through the UB Group���s media relations officer, the response was that Mallya wasn���t planning to build a 37-storey apartment.
But he didn���t deny or confirm the plans for a makeover of his ancestral home. Real estate developers say that with the FSI (floor space index) in the area having increased in the recent past, Mallya could go well beyond 30 floors. At present one can get anywhere between 2.5 and 3.25 FSI on Vittal Mallya Road. In terms of value, the land prices on Vittal Mallya Road range between Rs 20,000 and Rs 25,000 per sqft.
Courtesy: http://timesofindia.indiatimes.com
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