BENGALURU: Hyderabad-based Lansum Properties has acquired a 3.6-acre land parcel in the city for about Rs 200 crore, said people familiar with the development. The land, located in Kokapet, will be utilised for luxury residential development, they said.
The firm has raised Rs 250 crore from IndusInd Bank to finance the project’s development, according to the people.
“Land prices have been moving upwards with demand rising from builders. The company has registered the transaction and has also raised construction finance for development,” said one of the persons, who did not wish to be identified.
Lansum Properties will develop a high-end residential project with units priced above Rs 2.4 crore each, featuring three-bedroom, hall and kitchen (BHK) and four-BHK configurations, the people said, adding that the project will have 55 floors, taking advantage of the unlimited floor space index (FSI) available in Hyderabad.
CBRE, the adviser for the deals, declined to comment. ETRs s queries to Lansum Properties did not elicit a response till press time.
“The residential market in Hyderabad continues to show robust demand, particularly for high-end homes. The proportion of sales registrations for properties priced over Rs 1 crore recorded over 50% growth in March 2024 as compared to the same period last year, further pushing up the weighted average in the city,” Knight Frank said in a recent report. The average land price in Hyderabad’s Kokapet IT belt has nearly doubled to Rs 75-80 crore per acre from less than Rs 40 crore in 2021.
