Realty Firm Vaishnavi Group and the owners of Chalukya Hotel in Bengaluru are finalising the terms of the agreement under which the iconic property will be redeveloped into a grade-A office complex, people are aware of the plan.
Redevelopment of the property which is owned by Mohmmed Iqbal is expected to take two years from the time the requisite approvals are in. It will offer 150,000 sq ft of office space. Vaishnavi Group and the landowners who run the hotel are finalising the terms of the JV agreement and the deal is expected to be closed in another two weeks.
The popularity of the hotel is such that Basaveshwara Circle where the hotel is located is commonly known as Chalukya circle. Vaishnavi is seeing if they want to keep the brand name as Chalukya or opt for rebranding. Vaishnavi Group has been developing commercial spaces for over two decades now. It has leased out 1.5mn sq ft last year.
Across the commercial and office segments the realty firm’s project in the pipeline offer an aggregate 4 mn sq ft of space. Of this, plans are to launch 3mn sq ft in the near future. Bengaluru’s residential segment continues to see high absorption after the revival of the market and higher pre-commitment from corporates for large office spaces.