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 โน900 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 โน800 crore, setting the stage for a revenue potential of up to โน6000 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 โน600 crore. The 4-acre land parcel is located in North Bengaluruโs 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 โน462 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 โน462 crore.
5) Last but not least, Bengaluru-based real estate developer Concorde acquired a 1.6-acre land parcel on the cityโs Sarjapur Road in June this year to construct a premium high-rise residential complex with a revenue potential of โน200 crore. The proposed residential project will comprise twoโand threeโbedroom units spread over a high-rise tower spanning 2.25 lakh square feet.
Read More: Over 100 land deals spanning 1,700 acres closed between January-September across six major cities in India: Report
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
