Sumadhura Group acquires 40 acres of land in Bengaluru for ₹800 crore; to develop four housing projects - Hindustan Times

Sumadhura Group acquires 40 acres of land in Bengaluru for 800 crore; to develop four housing projects

Apr 25, 2024 07:50 PM IST

Bengaluru-based Sumadhura Group is expected to complete the housing projects within five years, generating a potential revenue of up to ₹6000 crore

Sumadhura Group, a real estate developer active in South India, has 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.

Sumadhura Group has said that it has acquired 40 acres in Bengaluru for approximately <span class='webrupee'>₹</span>800 crore. (representational photo)
Sumadhura Group has said that it has acquired 40 acres in Bengaluru for approximately 800 crore. (representational photo)

The four land parcels acquired recently, are a combination of both solely owned and joint-development projects located in Bengaluru's high-growth corridors, including emerging areas in East and south-West Bengaluru, the company said.

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Also Read: Bengaluru water crisis: Has it impacted real estate sales?

Sumadhura Group plans to develop four residential projects on these sites - three in the east and one in south west Bengaluru over the next five years with an estimated potential of attaining six million sq ft of saleable area, the company said.

This expansion assumes significance in the booming residential market, as housing prices in Bengaluru have risen by 18% year-on-year in the third quarter, driven largely by demand in the Periphery and Outer East region, according to a report released by CREDAI, the real estate industry body, Colliers and Liases Foras said.

Also Read: More than 101 land deals for approximately 2,989 acres closed in FY-24 across cities, including Ayodhya

A Cushman and Wakefield report also said that nearly 8,850 residential unit launches took place in the first quarter of 2024, reflecting a 14% annual increase. The eastern submarket (primarily Whitefield) accounted for another 35% of unit launches, maintaining its status as a key residential corridor across both mid-segment and high-end projects.

The land acquisition expands Sumadhura Group's Bengaluru and Hyderabad land bank to a significant 100 acres in FY 2023-2024. 

“Our experience of over two decades in Southeast Bengaluru has provided invaluable insights into the region's growth trajectory. That knowledge, coupled with the booming demand in the residential market fueled majorly by the IT sector, gives us the required push and enough confidence to strengthen our footprint in this emerging high-promise market,” said Madhusudhan G, Chairman and Managing Director, Sumadhura Group. 

“We look forward to launching the projects in the next three quarters and completing them in the next 3-5 years,” he said. 

Also Read: 74,486 housing units sold in Q1 2024; share of affordable housing sales decline

Sumadhura has delivered more than 50 projects in its area of operation spanning over 11 million square feet. Currently, it is in the planning and construction stages of up to 40 million square feet. 

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