The Bagmane Group, a real estate developer based in Bengaluru, has successfully purchased a railway land parcel measuring 124,000 square meters located in Sector 21, Dwarka, Delhi, for a sum of ₹1,530 crore, as reported by two sources familiar with the matter.
The Rail Land Development Authority (RLDA) had approved Bagmane’s bid to lease the land in 2023; however, the transaction faced delays due to the necessity of relocating trees from the site. The company has now pinpointed an alternative location in Delhi for this relocation, according to the sources.
The newly acquired land is designated for both residential (55%) and commercial (45%) use. A new railway passenger terminal being constructed adjacent to the site is anticipated to attract considerable foot traffic to the area. The Delhi-NCR market has historically been characterized by sustained investor interest across both traditional and emerging real estate sectors. In light of unprecedented residential demand, numerous large and publicly listed developers, along with other entities, have continued to acquire land.
In addition to residential projects, commercial, retail, industrial, and logistics and warehousing sectors are also propelling significant land transactions in prime locations throughout India. Anshuman Magazine, the chairman and CEO for India, Southeast Asia, the Middle East, and Africa at the real estate services firm CBRE, remarked that this deal highlights the growing investor confidence in the sector. He expressed optimism that this momentum would continue to build through 2025, further solidifying India’s status as one of the most resilient and opportunistic real estate markets worldwide.
The Bagmane Group, recognized as a leading developer of commercial real estate with a strong emphasis on technology parks and built-to-suit campuses, currently oversees over 18 million square feet of operational assets, with an additional 10-15 million square feet in various stages of planning and development. With an expanding footprint in key cities such as Bengaluru, Chennai, and Delhi-NCR, Bagmane is progressively constructing a diversified portfolio to prepare for a potential Real Estate Investment Trust (REIT) listing. In March, Bagmane also acquired the former India headquarters of Cognizant Technology Solutions in Chennai for approximately ₹612 crore.