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Tata Advanced Systems buys land for over ₹29 crore in Karnataka
Karnataka real estate deal: Tata Advanced Systems has bought 7.4 lakh sq ft land for aircraft manufacturing - final assembly line, registration documents showed
Tata Advanced Systems, a wholly owned subsidiary of Tata Sons, has bought a 7.4 lakh sq ft land parcel near Bengaluru for ₹29.34 crore, documents accessed by analytics firm Propstack showed.
The company has purchased the land parcel located in Karnataka’s Vemgal Industrial Area for aircraft manufacturing - final assembly line including maintenance, repair and overhaul (MRO), the sale-cum-lease agreement showed.
Final assembly line is a stage in manufacturing where all the components of a product are brought together to create the finished product.
The land is situated in the Vemgal 1st Phase Industrial Area, near Kolar-Chikkaballapur Road (SH-96), approximately 10 km from the Narasapura and Jakkasandra industrial zones. The company has acquired the land from the Karnataka Industrial Areas Development Board (KIADB), the documents showed.
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The land was bought for ₹1.7 crore per acre, as shown in the lease-cum-sale agreement signed on February 24. The transaction incurred a stamp duty of ₹1.5 crore.
The document said that during the subsistence of the lease term, which is 10 years, the lessee shall pay a yearly rent of ₹17011 and maintenance charges of ₹2.55 lakh every year.
The area is located near Bengaluru along Old Madras Road (NH75) and is a thriving hub for manufacturing and logistics.
Queries have been sent to Tata Advanced Systems and KIADB. If they respond, the story will be updated.
The Vemgal 1st Phase Industrial Area, developed by the Karnataka Industrial Areas Development Board (KIADB), is located in the Kolar district, near Narasapura and Jakkasandra. It covers an area of 666 acres and is known for its suitability for automobile and general industries.
Vemgal is about 5 km from Doddaballapur and 38 km from Bengaluru via Yelahanka in the northern part of Bengaluru.
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