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Developers continue to sign high-profile land deals in Bengaluru

Posted on by darion

NEW DELHI: Big real estate developers continue to sign high-profile land deals in Bengaluru. A day after Mumbai-based Godrej Properties acquired a 7-acre land in Bengaluru to develop a luxury residential project with an estimated revenue of Rs 1,200 crore, Puravankara Limited on Tuesday said it has acquired a 7.26-acre plot in Bengaluru’s Hebbagodi.

Puravankara said the project will have a saleable area of ​​around 750,000 sq ft and a potential gross development value (GDV) of over Rs 900 crore. The company had recently announced the acquisition of a 12.75-acre plot at Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with a potential gross development value (GDV) of Rs 5,500 crore over the life of the project.

“With the acquisition of land stakes of 820,661 sq ft in Provident Adora De Goa, Provident Botanico and Provident Capella, and 7.26 acres of land in Hebbagodi, the group has increased its potential gross value by Rs 1,550 crore, in addition to its recent acquisitions in Mumbai,” said Ashish Puravankara, Managing Director, Puravankara Limited.

Godrej Properties on Monday announced the acquisition of 7 acres of land at Thanisandra, North Bengaluru on a complete basis. Gaurav Pandey, Managing Director and CEO, Godrej Properties, said, “Availability of plots and developing infrastructure have made Bengaluru a mature real estate market with increased demand for housing development… This will strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across leading cities in India.”

Real estate agents have recently announced major land investments in Bengaluru as demand for apartments remains high and property prices are rising significantly.

Concorde had last week said it had acquired a 1.6-acre plot on Sarjapur Road with a GDV of Rs 200 crore. In March, Concorde had acquired a 4.5-acre plot in Thanisandra. In May, The Brigade Group had signed an agreement to buy a 4.6-acre plot in Bengaluru with a development potential of 0.69 million sq ft and a GDV of Rs 660 crore.