Hotel Leelaventure expects to realise about Rs 150 crore by monetising its land adjacent to its Bangalore property, The Leela Palace Bangalore. The company informed the BSE (Bombay Stock Exchange) that it has executed a joint development agreement with Bangalore based developer Prestige Group to develop premium residential apartments on 2.3 acres of surplus land adjacent to its Bangalore property.The Leela Palace Bangalore is spread over nine acres on Old Airport Road. The surplus land, which the company proposes to monetise, is situated just off Old Airport Road.
Mr. Krishna Deshika, Director ( Finance) The Leela Palaces, Hotels and Resorts, Said "Total saleable area is nearly 3 lakh sq ft, of which Hotel Leelaventure's share would be nearly 1.2 lakh sq ft."
The project will take about 42 months for completion.
