Tata Advanced Systems Secures Prime Land at Kolar-Chikkaballapur Road for Rs. 29. 34 Crore

According to analytics firm Propstack, Tata Advanced Systems, a fully owned subsidiary of Tata Sons, paid Rs. 29.34 crore for a 7.4 lakh square foot piece of property close to Bengaluru.

According to the sale-cum-lease deal, the corporation has acquired a piece of land in Karnataka's Vemgal Industrial Area for an aircraft manufacturing final assembly line that includes maintenance, repair, and overhaul (MRO).

In the manufacturing process, the final assembly line is where all of the product's parts are combined to make the final product.

About 10 kilometers from the industrial zones of Narasapura and Jakkasandra, the property is located in the Vemgal 1st Phase Industrial Area, close to Kolar-Chikkaballapur Road (SH-96). According to the paperwork, the Karnataka Industrial Areas Development Board (KIADB) sold the land to the corporation.

The lease-cum-sale agreement signed on February 24 states that the land was purchased for Rs. 1.7 crore per acre. A stamp tax of Rs. 1.5 crore was applied to the transaction.

According to the agreement, the lessee will be required to pay Rs. 17011 in rent and Rs. 2.55 lakh in maintenance fees annually for the duration of the lease, which is 10 years.

The region is a thriving center for logistics and industry and is situated close to Bengaluru along Old Madras Road (NH75).

The Karnataka Industrial Areas Development Board (KIADB) created the Vemgal 1st Phase Industrial Area, which is situated in the Kolar district close to Narasapura and Jakkasandra. It is renowned for its appropriateness for general and automotive industries and spans 666 acres.

In the northern region of Bengaluru, Vemgal is around 5 km from Doddaballapur and 38 km from Bengaluru via Yelahanka.