Sumadhura Group has acquired 40 acres land in Bengaluru for approximately Rs 800 crore to develop residential projects with revenue potential of up to Rs 6,000 crore.The properties, acquired as four land parcels, are a combination of both solely-owned and joint-development projects.The company plans to develop four residential projects on these sites – three in the east and one in south west Bengaluru over the next five years with an estimated potential of six million sq ft of saleable area.
Madhusudhan G, chairman and managing director of the company said, “We look forward to launching the projects in the next three quarters and completing them in the next 3-5 years.”This land acquisition expands the company’s land bank in Bengaluru and Hyderabad to 100 acres in FY 2023-2024,. Over 40 million sq ft of development is currently underway or in the planning stages, encompassing residential, commercial, and warehousing projects.