NEW DELHI, April 26: Realty firm Sumadhura Group has acquired 18 acres of land in Bengaluru for Rs 275 crore and also formed partnership with landowners for three other plots totalling 22 acres to develop housing projects with an estimated revenue potential of Rs 6,000 crore.
These four projects would be launched over the next 18 months, Sumadhura Group Chairman and Managing Director Madhusudhan G said.
“We have bought 18 acres of land in Bengaluru for around Rs 275 crore. We have also formed three separate joint development agreements (JDAs) with landowners for 22 acres of land. In total, we have acquired 40 acres of land for housing projects,” Madhusudhan G told PTI.
“The total developable area in these four projects will be 55 lakh square feet and we are expecting a topline of Rs 6,000 crore,” Madhusudhan said.
Out of these four plots, three are in east Bengaluru, one in south-west Bengaluru.
Madhusudhan said the company will be sharing either revenue or area with landlord in three separate JDAs.
He said the company has bought these land parcels to expand its business as demand for housing is very strong.
Madhusudhan said, “Our experience of over two decades in south-east 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.”
Sumadhura Group has completed around 50 projects comprising of 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. (PTI)
