Sumadhura Group to Invest Rs 6,000 Crore in Six New Housing Projects in Bengaluru
New Delhi: Realty firm Sumadhura Group is set to invest around Rs 6,000 crore to develop six new housing projects in Bengaluru. The company's expansion comes amid a robust demand for residential properties in the city, as stated by a top company official.
Bengaluru-based Sumadhura Group will launch these six housing projects during this quarter. The projects will be located in the east and north regions of Bengaluru, covering a total of 90 acres of land. These developments will include a mix of apartments and residential plots, comprising more than 4,000 units.
“Housing demand in Bengaluru continues to be strong. We are launching six premium projects, comprising more than 4,000 units that include apartments and residential plots,” Sumadhura Group Chairman and Managing Director Madhusudhan G told PTI.
When asked about the investment, Madhusudhan G indicated that the total investment would be around Rs 5,500-6,000 crore. The projects will have a total saleable area of over 8 million square feet, and the company expects to generate a total revenue of about Rs 10,000 crore from these new developments.
According to real estate data analytics firm PropEquity, housing sales in Bengaluru remained flat at nearly 16,000 units during the October-December period of the last calendar year. Despite this, the demand for residential properties remains robust, especially in key areas of the city.
Sumadhura Group has a strong track record in the real estate sector. Over the last three decades, the company has delivered 56 projects, comprising over 17 million square feet. The firm has a diversified presence in various real estate verticals, including housing, office, warehousing, and co-living.
This new investment by Sumadhura Group underscores the company's commitment to expanding its footprint in Bengaluru and meeting the growing demand for quality residential properties in the city. With these projects, the company aims to provide a wide range of housing options to cater to different segments of the market, from apartments to residential plots.