by THO
Post-Covid, Bengaluru has become a bustling metropolis, with several MNCs and startups constantly expanding their commercial portfolio. The demand for residential and commercial space has increased exponentially due to Bengaluru’s emergence as a worldwide tech powerhouse.
Data from ANAROCK India shows that Bengaluru closed about 15 deals sprawling 216 acres during January-June this year. Experts say that with several infrastructure corridors coming up in the city, like the second airport and expanding metro lines; several companies are looking at land transactions in the city’s growing suburbs in the north and eastern parts.
Read More: Here’s how infrastructure projects are likely to impact real estate markets in North Bengaluru
Here are the top 5 land deals transacted in the Bengaluru real estate market
1) In July, Bengaluru-based real estate developer Puravankara Ltd acquired a 7.26-acre land parcel in the Hebbagodi suburb of Bengaluru to develop a luxury residential project worth over ₹900 crore. The saleable area of the luxury residential project would be around 7.5 lakh square feet.
On the outskirts of Bengaluru, Hebbagodi is a rapidly expanding neighbourhood that is only 5 kilometres from Electronic City, a major IT hub in the city.
2) In April, Sumadhura Group, a real estate developer active in South India, said that it has acquired 40 acres in Bengaluru for approximately ₹800 crore, setting the stage for a revenue potential of up to ₹6000 crore residential project pipeline to cater to the demand for housing units in Bengaluru.
The four land parcels are a mix of jointly developed and privately owned projects situated in Bengaluru’s high-growth corridors, including emerging East and South-West neighbourhoods.
The land acquisition expands Sumadhura Group’s Bengaluru and Hyderabad land bank to 100 acres in FY 2023-2024.
3) In September 2024, another real estate developer, Emerald Haven Realty Ltd, closed land acquisitions in Bengaluru with a booking value potential of ₹600 crore. The 4-acre land parcel is located in North Bengaluru’s Thanisandra locality and has a tentative saleable area of half a million square feet.
With easy access to the Kempegowda International Airport, NH44, and the Outer Ring Road, North Bengaluru is a fast-expanding growth corridor in North Bengaluru.
4) In October, Prestige Group acquired 17.45 acres of land in the city’s eastern IT corridor of Whitefield for ₹462 crore. The land will be used for a residential development spanning approximately 2.68 mn sq ft of developable area. The company said the acquisition cost is around ₹462 crore.
5) Last but not least, Bengaluru-based real estate developer Concorde acquired a 1.6-acre land parcel on the city’s Sarjapur Road in June this year to construct a premium high-rise residential complex with a revenue potential of ₹200 crore. The proposed residential project will comprise two—and three—bedroom units spread over a high-rise tower spanning 2.25 lakh square feet.
Bengaluru accounts for a 22% share of total land deals
According to a report released by property consultancy CBRE, over 100 land deals spanning approximately 1,700 acres were closed across six major cities in India between January and September 2024. Delhi-NCR led land deal activity with an approximately 32% share. Bengaluru, Mumbai, and Chennai followed with around 22%, 12%, and 10% shares, respectively. These four cities accounted for a combined share of approximately 75% of the land deal volumes between January and September 2024.
https://www.hindustantimes.com/real-estate/over-100-land-deals-spanning-1-700-acres-closed-between-january-september-across-six-major-cities-in-india-report-101729577494863.html
