Sumadhura Group, a real estate developer in South India, has announced land acquisition in Bengaluru, demonstrating confidence in the city's thriving housing market. With an investment of approximately INR 800 crore, the acquisition spans 40 acres across chosen locations. The company plans to develop four new residential projects, addressing the city's growing demand for quality housing. With construction expected to begin within the next three quarters, these projects will collectively offer around six million square feet of saleable area. This move strengthens Sumadhura Group's presence in Bengaluru and positions them for future growth, with plans to explore opportunities in other high-growth cities like Pune and Chennai. This diversification underscores their commitment to catering to diverse demographics and project types, contributing to the overall development landscape of India's real estate sector.
Sumadhura Group, a real estate developer in South India, has announced a significant land acquisition that will fuel their residential project pipeline in the city. This strategic move signals confidence in Bengaluru's booming housing market and paves the way for the creation of much-needed living spaces.
Sumadhura Group has acquired 40 acres of land across Bengaluru for approximately INR 800 crore. These strategically chosen land parcels represent a mix of both solely-owned and joint-development projects. The company plans to develop four new residential projects on these sites, with three located in the eastern part of the city, known for their affordability and connectivity, and one in the southwest, a popular choice for IT professionals. Construction is expected to commence within the next three quarters, with completion targeted within 3-5 years.
These new projects are estimated to offer a combined saleable area of approximately six million square feet. This significant addition to Bengaluru's residential market will cater to the growing demand for quality housing in the city. Sumadhura Group's diverse project locations cater to a wide range of residents, from first-time homebuyers seeking affordable options in the east to established professionals looking for well-connected properties in the southwest.
This land acquisition strengthens Sumadhura Group's presence in Bengaluru. Combined with their existing holdings in Hyderabad, their total land bank across both cities now stands at 100 acres for the financial year 2023-2024. This impressive land bank positions them for future growth and development, allowing them to capitalize on Bengaluru's real estate potential.
Sumadhura Group currently has over 40 million square feet of projects underway or in the planning stages. This diverse portfolio encompasses a range of development types, including residential projects like the ones announced in Bengaluru, commercial spaces catering to the growing needs of businesses, and warehousing facilities supporting the city's booming logistics sector. This commitment to various sectors highlights the company's well-rounded approach to real estate development.
Sumadhura Group's focus extends beyond Bengaluru. The company is actively exploring new investment opportunities in other high-growth cities across India. Recent reports suggest they are in talks for potential land acquisitions in Pune and Chennai, both experiencing significant economic and infrastructural development. This strategic diversification allows them to cater to a wider market and capitalize on real estate growth across the country. Pune is known for its strong manufacturing and IT base, while Chennai is a major commercial and industrial hub in South India. By entering these markets, Sumadhura Group can cater to a wider range of demographics and project types.
The Sumadhura Group's land acquisition is a positive development for Bengaluru's real estate market. It signals investor confidence in the city's residential sector and paves the way for the creation of much-needed housing options for residents. With a diverse portfolio, a focus on strategic locations, and a commitment to future growth, Sumadhura Group is poised to play a significant role in shaping Bengaluru's development landscape. The addition of six million square feet of residential space will not only provide more housing options but also contribute to the city's overall infrastructure and create employment opportunities during the construction phase. Furthermore, their exploration of new markets suggests a well-rounded strategy for long-term growth in the Indian real estate sector.
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