Sumadhura Group acquires 40 acres of land in Bengaluru

Bengaluru-based Sumadhura Group has acquired 40 acres in the city, paving the way for potential revenue generation of Rs 6,000 crore in residential projects to meet the growing demand for residential units in Bengaluru.

Properties, acquired It is spread over four plots of land, a mix of joint developments and sole proprietorship projects that are strategically located in Bengaluru's high growth corridors, including emerging areas in East and South West Bengaluru.

The group plans to develop four projects. These locations - three in the east and one in the southwest of Bengaluru - will be built over the next five years, with the potential to reach 6 million sq ft of salable area

This expansion is significant in the booming residential market as house prices in Bengaluru have risen by 18% year-on-year in the third quarter, largely driven by demand in the peripheral and offshore regions of the East, according to a report published by Credai, Colliers and Lias Foras. Likewise, Cushman and Wakefield reported approximately 8,850 residential launches in the first quarter of 2024, reflecting a 14% year-over-year increase. The eastern submarket (primarily Whitefield) accounted for another 35% of unit launches, maintaining its position as a key residential corridor in mid-range and upscale developments. The land acquisition expands the Sumadhura Group's land bank in Bengaluru and Hyderabad to a large area of 100 acres in FY 2023-24. The company has completed 11 million square feet of residential and commercial projects in the last 30 years.

Madhusudan Ji, Managing Director, Somadura Group, said: “We hope to launch projects in the next three quarters and complete them in the next three to five years.”