Developers continue to sign high-profile land deals in Bengaluru

Puravankara said the saleable area of the project will be about 750,000 sq ft, with a potential gross development value (GDV) of 900+ crore.
Developers continue to sign high-profile land deals in Bengaluru

NEW DELHI: Big property 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 housing project with an estimated revenue of Rs 1,200 crore, Puravankara Limited on Tuesday said it has bagged a 7.26-acre land parcel in Hebbagodi, Bengaluru.

Puravankara said the saleable area of the project will be about 750,000 sq ft, with a potential gross development value (GDV) of 900+ crore. The company recently announced the acquisition of a 12.75 acre land parcel in Thane’s Ghodbunder Road and Lokhandwala in Mumbai, with a potential GDV of Rs 5,500 crore over the project lifecycle.

“With the acquisition of landowner share of 820,661 sq ft in Provident Adora De Goa, Provident Botanico and Provident Capella, along with the 7.26 acres of land in Hebbagodi, the group has added a potential total GDV of Rs 1,550 crore in addition to the recent acquisitions in Mumbai,” said Ashish Puravankara, MD of Puravankara Limited.

Godrej Properties on Monday had announced the acquisition of 7 acres of land in Thanisandra, North Bengaluru on an outright basis. Gaurav Pandey, MD & CEO, Godrej Properties, said, “Availability of land parcels and infrastructure development has turned Bengaluru into a mature real estate market with increased demand for residential development…This will strengthen our presence in Bengaluru and complement our strategy of deepening our presence in key micro markets across India’s leading cities”.

In recent times, realtors have announced big-ticket land acquisitions in Bengaluru as housing demand continues to remain at an elated level with property prices seeing substantial appraisal.

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

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