Bengaluru-based Century Real Estate has planned the development of commercial spaces spanning 7 million sq ft in the Karnataka capital in the coming six years. The company is also engaging in talks with private investors to bring in investment worth Rs 1,000 crore. The real estate company owns over 3,000 acre in Bengaluru, and in order to achieve the target of 7 million sq ft, it is in search of some equity partners.
As reported, to ensure smooth functioning of its development plan, Century is planning to design a Special purpose Vehicle (SPV). The company will launch the development of 1 million sq ft involving a construction cost worth Rs 350 crore in February 2018. Company officials have expressed that the ultimate aim of Century is to monetise the land assets through its own development. Currently, the company plans to continue its focus on Bengaluru and has no plans to venture into another city.