The Bengaluru real estate market sees a surge in land deals in 2024 due to new infra corridors

By Bricksnwall | 2024-12-30

Here are the top 5 land transactions in the Bengaluru real estate market at the end of 2024.

Bengaluru has developed into a thriving metropolis since COVID, with numerous multinational corporations and startups consistently growing their business portfolios. Bengaluru's rise as a global innovation hub has resulted in an exponential surge in demand for residential and commercial space.

Bengaluru concluded roughly 15 purchases totaling 216 acres between January and June of this year, according to data from ANAROCK India. According to experts, a number of businesses are considering purchasing real estate in the city's developing northern and eastern suburbs as a result of the construction of multiple infrastructure corridors, such as the second airport and extending metro lines.

1) Puravankara Ltd, a Bengaluru-based real estate developer, purchased a 7.26-acre plot of land in the Hebbagodi district of Bengaluru in July with the intention of building a luxurious residential complex valued at more than ₹900 crore. The luxury home property would have a saleable area of about 7.5 lakh square feet.

Hebbagodi is a fast-growing neighborhood on the outskirts of Bengaluru, just 5 kilometers from Electronic City, the city's main IT sector.

2) In April, the South Indian real estate developer Sumadhura Group announced that it had paid about ₹800 crore for 40 acres in Bengaluru, laying the groundwork for a residential project pipeline that could generate up to ₹6000 crore in revenue to meet Bengaluru's housing demand.

The four land parcels, which are located in Bengaluru's high-growth areas, including the city's developing East and South-West neighborhoods, are a mix of privately held and collaboratively constructed enterprises.

In FY 2023–2024, the land purchase increases the Sumadhura Group's land bank in Hyderabad and Bengaluru to 100 acres.

3) Emerald Haven Realty Ltd., another real estate developer, concluded land acquisitions in Bengaluru in September 2024 that had a potential booking value of ₹600 crore. The 4-acre plot of property, which has a potential saleable area of half a million square feet, is situated in the Thanisandra neighborhood of North Bengaluru.

North Bengaluru is a rapidly growing growth corridor with convenient access to the Kempegowda International Airport, NH44, and the Outer Ring Road.

4) In October, Prestige Group paid ₹462 crore to purchase 17.45 acres of land in Whitefield, the city's eastern IT sector. A residential development with a total developable area of about 2.68 million square feet will be built on the land. The acquisition cost, according to the firm, is approximately ₹462 crore.

5) Finally, but just as importantly, in June of this year, Bengaluru-based real estate developer Concorde purchased a 1.6-acre plot of land on Sarjapur Road in the city to build a high-end, high-rise residential complex with a potential income of ₹200 crore. A high-rise tower totaling 2.25 lakh square feet would house the two- and three-bedroom apartments that make up the proposed residential building.

Twenty-two percent of all land transactions take place in Bengaluru.

Between January and September 2024, more than 100 land purchases totaling around 1,700 acres were finalized in six major Indian cities, according to a study published by the real estate firm CBRE. Delhi-NCR held a roughly 32% portion of the land deal activity. Following with roughly 22%, 12%, and 10% percentages, respectively, were Bengaluru, Mumbai, and Chennai. Between January and September 2024, these four cities collectively accounted for over 75% of the land deal volumes.

Source: Hindustan Times