Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot on Sarjapur Road, valued at INR 32 crore, to develop a high-rise apartment tower with a GDV of INR 200 crore. The project will offer 2 and 3 BHK apartments over 225,000 sq ft, aligning with Concorde's mid-market focus. This follows their March 2024 acquisition of a 4.5-acre parcel in Thanisandra for a INR 400 crore development. Bengaluru's strong IT sector and growing population drive demand for mid-market housing, particularly in areas like Sarjapur Road. Construction is slated to start in July 2024, with further project details expected soon.
Bengaluru-based real estate developer Concorde has acquired a 1.6-acre plot of land on Sarjapur Road, a growing residential area in the city. This new acquisition, valued at an estimated INR 20 crore per acre, adds to Concorde's expanding portfolio in Bengaluru.
Concorde plans to develop a high-rise apartment tower on the newly acquired land. The project will offer a mix of 2 and 3 bedroom apartments (BHK) with a total built-up area of approximately 225,000 square feet. The project's total value, known as Gross Development Value (GDV), is estimated at INR 200 crore.
This project aligns with Concorde's focus on developing mid-market residential properties in Bengaluru. The company recently acquired a larger land parcel (4.5 acres) in Thanisandra, North Bengaluru, in March 2024. This project, with an estimated value of INR 400 crore, will offer over 400 apartments across six towers. The Thanisandra project has a development potential of about 5.5 lakh square feet.
Bengaluru's residential market has seen steady growth in recent years, driven by a strong IT industry and a growing young population. Demand for mid-market apartments, typically priced between INR 4,000 and INR 7,000 per square foot in areas like Sarjapur Road, remains high, as these options offer a balance between affordability and desirable amenities.
Concorde's latest acquisition on Sarjapur Road reflects their confidence in the Bengaluru market. The project is expected to cater to the demand for mid-market apartments in a well-connected location. With construction expected to begin in July 2024, potential buyers can expect more information about the project details and timelines in the coming months.
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