Prestige Estates Projects that recently bought back Singapore headquarters fund CapitaLands stake in a mall project in Bangalore, is converting it into a IT business park due to lower supply in this segment. The Bangalore based company now plans to set up 1 mn sft IT park on the 4 acre property in The city. “There is short supply of IT space in Bangalore whereas demand is high,” said Irfan Razack CMD prestige group. The company had earlier planned to build a retail mall on the property that it bought from Graphite India in 2008. It had formed joint venture with CapitaLands for the same. “We bought back CapitaLands stake earlier this year,” said Razack. Prestige paid around 57 crore for the stake and now owns 80% stake in the project.
Read more: Economic Times