RIRIC's Royal Garden City project in Bangalore moves ahead

Emerging Markets Economy, Jul 27, 2004

Royal Indian Raj International Corporation (RIRIC), one of India's largest land developers, Tuesday announced that Jones Lang LaSalle has been appointed to provide Investment and Transactional Management Services for RIRIC's Royal Garden City in Bangalore, India. With more than 3,000 acres, or approximately 11.4 million square meters, the project is Asia's largest new city development to date and is expected to become the model for new city developments in the country.

Royal Garden City is situated approximately 20 kms from downtown Bangalore and 5 kms from the new Bangalore International Airport. Construction of the city is scheduled to commence in early 2005 and is expected to be completed by 2015. The anticipated project cost is US$2.95 billion and has a retail value of US$8.9 billion. The project comprises 35,000 residential units, a central business district, industrial district, entertainment district, parks, restaurants, shopping, educational facilities, and civic amenities. An estimated 300,000 to 500,000 people are expected to live, work and play within the city daily.

"Our goal is to develop the New India, modernizing housing and businesses and realizing a self-sustaining city of the future for this country and its inhabitants," said Manoj Benjamin, Chairman of Royal Indian Raj International Corporation. "There is nothing like this happening in Asia today. We are exporting Western technology to modernize the city, creating an economic and technological connection between East and West, and creating thousands and thousands of jobs."