Bangalore Palace Grounds On Sale For Rs. 7000 Crore

Pulse

-Staff

By Staff

Friday, January 25, 2008, 17:16

The scion of the erstwhile Mysore royal family, Srikantadatta Narasimharaja Wadiyar, is about to finalise an agreement to sale 200 acres of Palace Grounds in Banalore which is a part of his property. City based builder Dayanand Pai owner of Dayanand Pai Builders is planning to buy the land at an whopping price of Rs 7000 crores. The deal agreement explain that of the 200 acres belonging to Srikantadatta Wadiyar 50 percent is for out right sale and remaining land is joint venture between Wodiyar and the buyer.

According to sources many other big groups which include Reliance group, Prestige Builders, Rajshekara Reddy Group and the Emir of Abu Dhabi have expressed interest in the land. The plans include developing an IT Park, setting up malls and multiplexes. The Bangalore Palace and its vicinity are not part of the deal. According to real estate agents the market price for the land stands at Rs. 10,000 per sq ft. Industry sources opine that the portion of land owned by Srikantadatta Wadiyar was the most expensive to rent out

In 1998, Mr Wadiyar had filed an application to conduct events on the Palace Ground. The Royal family had moved the court after they had got the stay order on Bangalore Acquisition and Transfer Act 1997 moved by the state government. The land sale deal is subject to the Supreme Court verdict. Each of the princess Meenakshi Devi, Kamakshi Devi, Indirakshi Devi Vishalakshi Devi and late Gyatri Devi, have about 28 acres of land.