NBR Group, a real estate developer based in Bengaluru, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb of Bengaluru.
This acquisition is strategically significant as it paves the way for the development of a high-rise residential project spanning 9 lakh sqft. The project is estimated to genrate a gross development value exceeding Rs 1200 crore for the company.
“This area represents a mature market with a robust demand for residential real estate and a limited supply of land,” said Nagabushana Reddy, Managing Director of NBR Group. “This project marks a significant expansion for NBR Group in the luxury housing segment, catering to the high demand for premium residential spaces in Bengaluru, he said.
Sarjapur-Mullur has emerged as one of Bengaluru’s hottest residential destinations, driven by its strategic location between key hubs such as Whitefield, Electronic City, and the Outer Ring Road. With infrastructure developments like the extension of the metro line and improved road connectivity, demand for housing in this region has surged.
The area is witnessing a boom in residential projects, especially in the mid to high-end segment, as tech professionals and families seek affordable yet well-connected alternatives to central Bengaluru. Additionally, Sarjapur-Mullur’s proximity to IT parks, educational institutions, and the upcoming peripheral ring road has further bolstered its appeal as a promising residential zone.
Separately, Bengaluru’s residential real estate market continues to grow robustly, with sustained demand from homebuyers and investors alike. During the second quarter (Q2) of 2024, Bengaluru’s registered home sales value experienced a significant 30% surge over the previous quarter, reaching Rs 19,631 crores by the end of June according to integrated real estate prop-tech marketplace, Square Yards. “The city experienced a notable 19% surge in registered residential transactions, totaling 28,356 units during the same period,”it mentioned.
Between July and September 2024, residential demand (searches) across top cities increased 12.3% quarter-on-quarter (QoQ), amidst an 8.3% increase in residential prices, according to the recently releasedPropIndex Report (Jul-Sep 2024) by Magicbricks, India’s leading real estate platform.
