Infosys buys 5-acre HP land for Rs 65cr
BANGALORE: Infosys, one of India Inc's biggest landlords, has acquired yet another piece of land -- a 5-acre land parcel abutting its Electronics City campus for Rs 65 crore, setting new capital value benchmarks in the IT hub of Bangalore.
The land, belonging to consumer electronics major Hewlett Packard, was bought for Rs 13 crore per acre and is Infosys' second major real estate transaction in six months. International property consultants JLL India managed the deal.
In January, India's second largest IT exporter had bought a 300,000-sqft tech park near its Electronics City campus for Rs 115 crore from Essar Group, which was first reported by TOI.
Infosys, with over 1.5 lakh employees, has been consistently buying land to establish software development facilities. In the quarter ended June, it bought 41.2 acres of land -- in Bangalore, Delhi-NCR, and Mysore. In Delhi-NCR, it bought 27.6 acres.
An e-mail query sent to Infosys met with no response, while Juggy Marwaha, MD-South, JLL India, declined to comment on the deal.
"No other company has a land bank comparable to Infosys. They practically buy one land parcel every other month in the country," said a property consultant who didn't wish to be named.
As of date, Infosys owns and operates a staggering 36.78 million sqft of built up office space, of which 1.58 million sqft comprises its global centres. India's largest real estate developer DLF owns and operates approximately 28 million sqft of office space, while American private equity giant Blackstone owns about 21 million sqft of office space in the country.
Infosys has another 6.1 million sqft of office space under various stages of construction and also owns around 400 acres of unused land along Sarjapur Road, another IT hub in the city.
Infosys co-founder N R Narayana Murthy and his family had purchased a 14-acre land parcel close to Electronics City last year for around Rs 70 crore, valuing the land at Rs 5 crore per acre. "Since the HP land parcel abuts the Infosys campus and is located just off the national highway, it carries a significant premium," said a real estate analyst.
BANGALORE: Infosys, one of India Inc's biggest landlords, has acquired yet another piece of land -- a 5-acre land parcel abutting its Electronics City campus for Rs 65 crore, setting new capital value benchmarks in the IT hub of Bangalore.
The land, belonging to consumer electronics major Hewlett Packard, was bought for Rs 13 crore per acre and is Infosys' second major real estate transaction in six months. International property consultants JLL India managed the deal.
In January, India's second largest IT exporter had bought a 300,000-sqft tech park near its Electronics City campus for Rs 115 crore from Essar Group, which was first reported by TOI.
Infosys, with over 1.5 lakh employees, has been consistently buying land to establish software development facilities. In the quarter ended June, it bought 41.2 acres of land -- in Bangalore, Delhi-NCR, and Mysore. In Delhi-NCR, it bought 27.6 acres.
An e-mail query sent to Infosys met with no response, while Juggy Marwaha, MD-South, JLL India, declined to comment on the deal.
"No other company has a land bank comparable to Infosys. They practically buy one land parcel every other month in the country," said a property consultant who didn't wish to be named.
As of date, Infosys owns and operates a staggering 36.78 million sqft of built up office space, of which 1.58 million sqft comprises its global centres. India's largest real estate developer DLF owns and operates approximately 28 million sqft of office space, while American private equity giant Blackstone owns about 21 million sqft of office space in the country.
Infosys has another 6.1 million sqft of office space under various stages of construction and also owns around 400 acres of unused land along Sarjapur Road, another IT hub in the city.
Infosys co-founder N R Narayana Murthy and his family had purchased a 14-acre land parcel close to Electronics City last year for around Rs 70 crore, valuing the land at Rs 5 crore per acre. "Since the HP land parcel abuts the Infosys campus and is located just off the national highway, it carries a significant premium," said a real estate analyst.
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