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Lansum Properties has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for INR 200 crore to develop a high-end residential project. The company secured INR 250 crore in financing from IndusInd Bank for construction and project development. The luxury project will feature three and four-BHK units starting above INR 2.4 crore and will include 55 floors, benefiting from Hyderabad's unlimited floor space index regulations. Hyderabad's luxury property market is thriving, with sales for homes above INR 1 crore up 50% year-on-year, and land prices in Kokapet have nearly doubled since 2021.
Lansum Properties, a Hyderabad-based real estate developer, has acquired a 3.6-acre land parcel in Kokapet, Bengaluru, for approximately INR 200 crore. This land will be used to develop a luxury residential project, marking a significant investment in the high-end housing market.
The company has secured INR 250 crore in financing from IndusInd Bank to support the development. The funds will be used for construction and project development, reflecting the rising demand for luxury residences in the area.
The new project by Lansum Properties will feature high-end residential units, including three-bedroom, hall, and kitchen (BHK) as well as four-BHK configurations, with prices starting above INR 2.4 crore. The development is set to include 55 floors, leveraging Hyderabad's unlimited floor space index (FSI) regulations, which allow for taller buildings.
Hyderabad's residential market remains strong, particularly for luxury homes. According to a recent Knight Frank report, sales registrations for properties priced above INR 1 crore have grown by over 50% in March 2024 compared to the previous year. This trend is driving up the average property prices in the city. In Kokapet, the average land price has nearly doubled from under INR 40 crore per acre in 2021 to INR 75-80 crore per acre.
Lansum Properties has already established a strong presence in the city with successful projects like El Dorado, Eden Gardens, and Etania, offering high-end apartments with world-class amenities. These projects have contributed to the company's reputation for quality construction and modern design.
The increasing land prices and strong demand in Hyderabad's luxury segment indicate a robust market for high-end real estate investments. Lansum Properties' new project aims to capitalise on this trend, further enhancing their presence in the luxury residential sector.
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