BANGALORE: Ahead of the opening of Bangalore International Airport at Devanahalli, real estate firm Sobha Developers has announced the launch of their largest single location project, Sobha Lifestyle, in the vicinity of the airport area.Sobha Lifestyle is also the largest villa project by the company in the city, Shobha Developers (SDL) Managing Director J C Sharma told reporters.Spread over 55 acres with 165 villas measuring 5,000, 7,000 and 10,000 square feet, the project is located around seven kms away from the airport.

The project cost is estimated to be around Rs 250-260 crore and is expected to be completed by the end of 2010. The land owned by Renaissance Developers is being jointly developed by Renaissance and Sobha, he said."In keeping with world class international airport, we also plan to offer world class residential space," he said.Some airline companies have evinced interest in purchasing houses for housing their pilots, since the housing project was in close vicinity to the airport, Sobha Developers Director Raghav Menon said.

The villas, ranging from price points of Rs 3 crore to Rs 5.1 crore, would have state-of-the-art club house, gymnasium with sauna and jacuzzi, swimming pool, multipurpose party hall, table tennis room, reading, card and carrom room.Other amenities include amphitheatre, tennis court, jogging track and CCTV for security. "The urban development project complies with environmental policies and conserving natural resources," he said, adding that the green component of the project includes usage of solar panels, rain harvesting and recharge of pits to replenish ground water.

The cost of apartments in Bhubaneswar and Cuttack were rising and were at times more expensive than in the neighboring West Bengal. "The Chandrasekharpur area and its nearby areas in Bhubaneswar has witnessed a phenomenal growth in real estate because most of the educational institutions are located there," he said, adding even Patrapara, where the proposed hospital modeled after AIIMS would be set up, has seen prices going up.DLF has acquired 50 acre near Infocity in Bhubaneswar and has set up an office there.