India’s real estate and innovation ecosystems saw significant developments this week with two key announcements. In Bengaluru, the Karnataka Government, Bengaluru Airport City Ltd. (BACL), and ANSR unveiled District I, a groundbreaking global innovation hub aiming to unify startups, academia, and enterprises under one innovation platform. Meanwhile, in Mumbai, Lodha Developers Limited executed a ₹567 crore acquisition of transit camp units from Arihant Construction, furthering its Vikhroli project under the SRA scheme. Both stories reflect the increasing interdependence between urban planning, technology, and real estate.
District I: India’s Global Innovation Launchpad
District I, launched at Bengaluru Airport City, is envisioned as a multi-stakeholder platform that brings together:
- Global Capability Centers (GCCs)
- IT service providers
- Accelerators and VCs
- Startups and academia
- Corporate innovation labs and public institutions
Key Features
- Located within a 28 million sq. ft. Business Park near Bengaluru Airport.
- Focus sectors include AI, blockchain, quantum computing, smart cities, defence, and aerospace.
- Integrated R&D, education, healthcare, hospitality, and entertainment hubs.
- A renewable energy-powered smart city, rated IGBC Green Cities Platinum.
Quote
“With the Global Innovation Hub, we are creating a platform that brings together every part of the ecosystem to collaborate, innovate, and lead globally.”
— Ekroop Caur, Secretary, Department of Electronics, IT, BT, and S&T, Government of Karnataka
“District I is central to our long-term vision of building a future-ready, innovation-led economy.”
— Rao Munukutla, Executive Director & CEO, BACL
“We are redrawing the global map of innovation… setting a powerful flywheel in motion.”
— Lalit Ahuja, Founder & CEO, ANSR
Lodha Acquires PTC Units for ₹567 Crore to Bolster Vikhroli Project
Lodha Developers Limited, formerly known as Macrotech Developers, has acquired 945 PTC units (3.39 lakh sq ft) from Arihant Construction in Mumbai’s Mankhurd area. This acquisition is linked to Lodha’s SRA-driven redevelopment in Vikhroli.
Deal Highlights
- Transaction Value: ₹567 crore
- Purpose: Fulfil SRA obligations in Vikhroli via integration of acquired Floor Space Index (FSI)
- Stamp Duty Paid: ₹34.02 crore
- Registration Date: June 3, 2025
- Legal Provision: Regulation 33(11), DCPR 2034
Strategic Context
The acquired PTC units will be handed over to the SRA, allowing Lodha to claim additional FSI for its Vikhroli project. The agreement highlights how FSI trading and clubbing play critical roles in Mumbai’s real estate landscape, particularly in slum rehabilitation and integrated township development.
Summary Table: Key Highlights
| Topic | Details |
|---|---|
| Innovation Hub | District I at Bengaluru Airport City |
| Key Players | Karnataka Govt, BACL, ANSR |
| Core Technologies | AI, Quantum, Blockchain, CX Tech |
| Real Estate Deal | Lodha buys 945 PTC units for ₹567 Cr |
| Location | Mankhurd (PTC), Vikhroli (Redevelopment) |
| Regulation | DCPR 2034 – Reg. 33(11) |
| Rebranding | Macrotech Developers → Lodha Developers Ltd |
FAQs
1. What is the purpose of District I in Bengaluru?
District I is designed to accelerate deep-tech entrepreneurship and industry-academia collaboration. It’s a part of BACL’s vision to make Bengaluru a global innovation capital.
2. What technologies will District I focus on?
It will prioritize artificial intelligence, blockchain, quantum computing, and customer experience technologies across sectors like aerospace, smart cities, and defence.
3. Why did Lodha acquire PTC units from Arihant Construction?
To fulfil its Slum Rehabilitation Authority (SRA) requirements for its Vikhroli project and gain development rights under Regulation 33(11) of DCPR 2034.
4. What is the significance of DCPR 2034 Regulation 33(11)?
It allows the clubbing and transfer of FSI between different schemes, a common practice in Mumbai’s real estate redevelopment models.
5. Why did Macrotech Developers rebrand to Lodha Developers?
Following a trademark settlement between Abhishek Lodha and his brother, the firm adopted the name Lodha Developers Ltd. to reflect its ownership of the ‘Lodha’ brand.