BANGALORE: Southern real estate major Prestiqe Estates Projects is collaborating with Disney India to develop its largest residential township project spanning 102 acres in Bangalore's IT hub of Whitefield.
The 8 million-sqft development will feature Disney-inspired residences consisting of 3,400 apartments and over 200 villa units. The project will be officially launched next fiscal year.
Disney licenses the rights of its iconic characters, and allows developers to create various exterior and interior Disney theme palettes, as well as buy in to Disney home decor products and furnishings, including fixtures , kitchenware, furniture, beddings, rugs, tableware, fans, wall coverings, ceiling paints, and bath accessories.
In the past two years developers such as Sunteck Realty of Mumbai, Akshaya of Chennai, and Supertech of Noida have partnered with Disney India to create themed residences in a bid to differentiate products in a highly evolving and competitive real estate market.
"This is the largest development by the company till date, in terms of acreage and the total number of residences ," said Irfan Razack, CMD, Prestige Estates Projects. Expected to generate a turnover in excess of Rs 5,000 crore, the project is a joint development between the Prestige Group and Prakash Shetty of MRG Group, owners and operators of the Goldfinch brand of boutique hotels.
Razack added that Prestige holds exclusive rights for developing Disney's themed residences in Bangalore, Hyderabad and Kochi.
Bangalore's top developers are increasingly focusing on mega residential townships in upcoming suburbs of the city, tracking the fast growth of commercial office spaces in these areas . Recently TOI reported that global investor Xander and Bangalore-headquartered Mantri Developers struck an equal joint venture to build the city's largest residential township of 13 million sqft, located in the northern suburb of Hebbal.
While some of the planned townships in Bangalore consist only of residential units, others sport a mix of residential, commercial office and IT SEZ spaces, schools, hotels, retail, and hospitals. Some of the big townships under development include Sobha City, on Thanisandra Main Road, Brigade Orchards in Devanahalli , Divyasree's 77 East off Old Airport Road, Bhartiya City on Thanisandra Main Road, Provident Welworth City on the Yelahanka-Doddaballapur Road, Patel Neotown in Electronics City, and Karle Town Centre near Hebbal.
Prestige, which had given Bangalore one of its first mixed-use gated township, Shantiniketan, in Whitefield , is launching another mega township Falcon City, on Kanakapura Road.