Expression of Interest Campaign

L J Hooker India is pleased to announce that the famous TR Mills compound is now available for purchase. For the first time, we are using an Expression of Interest Campaign in India. It is the most suited format to get great valuations for such properties as well as keep the whole process time bound.

TR Mills has been a land mark in central Bangalore (India) since the 1950s. The total land available for development is 15.25 acres. With a prevailing FSI of 2.5 one can achieve 1,660,735 sft of built up area. By loading Transfer of Development Rights (TDR) of up to 60% the total built up area can be increased to 2,657,160. That means 1.6 mil sft to 2.6 mil sft of prime development in the centre of the city!!!!!

The zoning is very favourable with residential or mixed use with up to 30% allocation to commercial/retail being possible. Our initial calculations show a residential project yield of ` 5.85 billion without TDR and ` 9.25 billion with suitable TDR loading. In case the new owner, decides for a mixed use (which we too recommend), the yield for the project is projected at ` 8.22 billion without TDR and around ` 13 billion with suitable TDR loading. (Detailed assumptions and calculations are available in the Information Memorandum)

This prime development site is ideally suited for the PE/VC fund looking for exposure in Real Estate through a landmark project. Keen interest has been shown by various developers, both local and international. However, the highest bidder will win!!!