NBR Group, a Bengaluru-based real estate developer, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb to develop a high-rise residential project covering 9 lakh square feet, projected to generate over INR 1200 crore. This area is rapidly gaining popularity due to its strategic location and ongoing infrastructure improvements, attracting tech professionals and families seeking affordable housing options. Meanwhile, Bengaluru's residential market is booming, with a 30% increase in home sales value in Q2 2024, reflecting sustained demand from buyers and investors alike.
NBR Group, a real estate developer located in Bengaluru, has recently acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb of the city. This acquisition holds strategic importance as it sets the stage for a high-rise residential project covering 9 lakh square feet. The estimated gross development value of this project is expected to exceed INR 1200 crore for the company.
Nagabushana Reddy, the Managing Director of NBR Group, shared insights on the acquisition, highlighting that the area is a mature market with strong demand for residential properties and limited land availability. He noted that this project represents a significant expansion for NBR Group within the luxury housing sector, aimed at meeting the increasing demand for premium residential spaces in Bengaluru.
Sarjapur-Mullur has quickly become one of Bengaluru's most sought-after residential areas. Its prime location between major hubs like Whitefield, Electronic City, and the Outer Ring Road has played a key role in this rise. With ongoing infrastructure improvements, such as the metro line extension and enhanced road connectivity, the demand for housing in this region has significantly increased.
The area is experiencing a surge in residential projects, particularly in the mid to high-end market, as tech professionals and families look for affordable yet well-connected options outside central Bengaluru. Moreover, Sarjapur-Muller's close proximity to IT parks, educational institutions, and the upcoming peripheral ring road has made it even more attractive as a promising residential destination.
Bengaluru's residential real estate market continues to thrive, driven by strong demand from both homebuyers and investors. Earlier this week, it was reported that during the second quarter of 2024, the city saw a remarkable 30% increase in registered home sales value compared to the previous quarter, reaching INR 19,631 crores by the end of June, according to Square Yards, an integrated real estate prop-tech marketplace. They also noted a significant 19% rise in registered residential transactions, amounting to 28,356 units during the same period.
Looking ahead, between July and September 2024, residential demand across major cities grew by 12.3% quarter-on-quarter, even as residential prices increased by 8.3%. This information comes from the latest PropIndex Report (July-September 2024) released by Magicbricks, a leading real estate platform in India.
NBR Group's strategic acquisition in the Sarjapur-Mullur area highlights the growing appeal of this suburb as a prime residential destination in Bengaluru. The combination of its favorable location, ongoing infrastructure developments, and increasing demand for quality housing positions it for significant growth. As the city's residential market continues to expand, driven by a surge in home sales and strong investor interest, the prospects for future developments in this region appear promising. This trend not only benefits developers but also contributes to meeting the housing needs of a diverse and growing population.
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