The residential projects are slated for completion within 5 years, generating a potential revenue of up to INR 6000 crore.
Sumadhura Group has announced a strategic land acquisition of 40 acres in Bengaluru, setting the stage for a revenue potential of up to INR 6000 crore residential project pipeline to cater to the burgeoning demand for housing units in the city.
The properties, acquired as four land parcels recently, are a combination of both solely owned and joint-development projects strategically located in Bengaluru’s high-growth corridors, including emerging areas in East and south-West Bengaluru.
Sumadhura Group plans to develop 4 residential projects on these sites – three in the east and one in south west Bengaluru over the next 5 years with an estimated potential of attaining 6 million sq ft of saleable area.
This expansion assumes significance in the booming residential market, as housing prices in Bengaluru have risen by 18% year-on-year in the third quarter, driven largely by demand in the Periphery and Outer East region, according to a report released by CREDAI, Colliers and Liases Foras. Similarly, Cushman and Wakefield report nearly 8,850 residential unit launches in the first quarter of 2024, reflecting a 14% annual increase. The eastern submarket (primarily Whitefield) accounted for another 35% of unit launches, maintaining its status as a key residential corridor across both mid-segment and high-end projects.
Madhusudhan G, Chairman and Managing Director, Sumadhura Group said, “Our experience of over two decades in Southeast Bengaluru has provided invaluable insights into the region’s growth trajectory. That knowledge, coupled with the booming demand in the residential market fuelled majorly by the IT sector, gives us the required push and enough confidence to strengthen our footprint in this emerging high-promise market. We look forward to launching the projects in the next three quarters and completing them in the next 3-5 years. As highlighted in our recent acquisition of nearly 40 acres for residential development, Sumadhura Group remains committed to identifying growth opportunities. The current expansion allows us to plan strategically alongside the East Bengaluru corridor, ensuring we continue to deliver exceptional living spaces for residents and prove ourselves as the trusted partner of choice.”
The land acquisition expands Sumadhura Group’s Bengaluru and Hyderabad land bank to a significant 100 acres in FY 2023-2024, fuelling their future growth. The company boasts an impressive track record of completing 11 million square feet of residential and commercial projects in the last 30 years. The momentum continues with over 40 million square feet of additional development currently underway or in the planning stages, encompassing residential, commercial, and warehousing projects.
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