Sumadhura Group Expands Bengaluru Footprint with 40-Acre Land Acquisition
In response to the thriving real estate market in Bengaluru, Sumadhura Group, a leading developer in southern India, has announced a strategic land acquisition of 40 acres in the city. This move paves the way for a potential INR 6000 crore residential project pipeline to meet the growing demand for housing in Bengaluru.
The acquired properties, comprising four land parcels, are strategically located in Bengaluru's high-growth corridors, including emerging areas in East and South-West Bengaluru. Sumadhura Group plans to develop four residential projects on these sites over the next five years, targeting an estimated 6 million sq ft of saleable area.
The timing of this expansion is opportune, given the 18% year-on-year increase in housing prices in Bengaluru's Periphery and Outer East region, as reported by CREDAI, COLLIERS, and Liases Foras. Additionally, Cushman and Wakefield's data shows a 14% annual increase in residential unit launches in Q1 2024, with the eastern submarket accounting for 35% of these launches.
This land acquisition boosts Sumadhura Group's Bengaluru and Hyderabad land bank to 100 acres in FY 2023-2024, reinforcing their growth trajectory. With a track record of completing 11 million sq ft of residential and commercial projects in the last 30 years, the company has over 40 million sq ft of additional development in the pipeline, spanning residential, commercial, and warehousing projects.
The acquired properties, comprising four land parcels, are strategically located in Bengaluru's high-growth corridors, including emerging areas in East and South-West Bengaluru. Sumadhura Group plans to develop four residential projects on these sites over the next five years, targeting an estimated 6 million sq ft of saleable area.
The timing of this expansion is opportune, given the 18% year-on-year increase in housing prices in Bengaluru's Periphery and Outer East region, as reported by CREDAI, COLLIERS, and Liases Foras. Additionally, Cushman and Wakefield's data shows a 14% annual increase in residential unit launches in Q1 2024, with the eastern submarket accounting for 35% of these launches.
This land acquisition boosts Sumadhura Group's Bengaluru and Hyderabad land bank to 100 acres in FY 2023-2024, reinforcing their growth trajectory. With a track record of completing 11 million sq ft of residential and commercial projects in the last 30 years, the company has over 40 million sq ft of additional development in the pipeline, spanning residential, commercial, and warehousing projects.