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Assetz acquires 11.5-acre land parcel in East Bengaluru to develop a ₹1,400 crore luxury housing project
Bengaluru real estate: Assetz said land parcel on Old Madras Road will be developed into residential project with over 800 units, targeting a GDV of ₹1,400 cr
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Bengaluru-based real estate developer Assetz has acquired an 11.5-acre land parcel in East Bengaluru to develop a new luxury project. The project, backed by funding from Motilal Oswal Alternates, is expected to have a Gross Development Value (GDV) of over ₹1,400 crore and will add around 1.4 million sq ft of saleable area to the developer’s portfolio, the company said in a statement.
The upcoming project, on Old Madras Road (OMR)/Hoskote Highway, will house around 800 residential units. Part of the acquisition involves a joint development agreement with Vanshee Builders and Developers Pvt. Ltd.
The company said that this land acquisition is backed by Motilal Oswal Alternates, one of India’s largest domestic real estate credit funds. The funding comes soon after the fund manager announced the final close of its sixth real estate fund, raising ₹2,000 crore for investments in high-potential real estate projects.
Anand Lakhotia, managing director and co-head (real estate) at Motilal Oswal Alternates, said, “This association reflects our belief in Assetz’s vision of building a professional residential platform with strong execution capabilities. Their emphasis on good governance and track record aligns with our strategy of backing top-tier developers.”
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Assetz eyes 9,000 homes across 19 projects
Sunil Pareek, executive director at Assetz, said the deal aligns with the company’s long-term approach to land acquisition and partnerships with institutional investors. “In the past two years alone, we’ve secured a pipeline of 17 million sq ft across 19 projects, with the potential to deliver 9,000 homes. With 10 launches planned this year, we remain committed to offering homes that deliver long-term value to our customers and communities,” Pareek said.
To date, Assetz has delivered 20 residential and commercial projects of about 15 million sq. ft. in the residential space.
