NBR Group purchases 9.65 acre in Bengaluru for residential project
27 Sep 2024
2 Min Read
CW Team
NBR Group, a real estate developer based in Bengaluru, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb of the city. This acquisition is strategically important as it opens the door for the development of a high-rise residential project covering 9 lakh square feet. The project is expected to generate a gross development value exceeding Rs 12 billion for the company.
Nagabushana Reddy, the Managing Director of NBR Group, noted that this area represents a mature market characterized by strong demand for residential real estate and a limited supply of land. He mentioned that this project signifies a significant expansion for NBR Group in the luxury housing segment, addressing the high demand for premium residential spaces in Bengaluru.
Sarjapur-Mullur has become one of Bengaluru's most sought-after residential destinations due to its strategic location between key hubs such as Whitefield, Electronic City, and the Outer Ring Road. Infrastructure developments, including the extension of the metro line and improved road connectivity, have led to a surge in housing demand in this region. The area is witnessing a boom in residential projects, particularly in the mid to high-end segment, as tech professionals and families seek affordable yet well-connected alternatives to central Bengaluru. Furthermore, the proximity of Sarjapur-Mullur to IT parks, educational institutions, and the upcoming peripheral ring road has enhanced its attractiveness as a promising residential area.
Additionally, Bengaluru's residential real estate market continues to grow robustly, fueled by sustained demand from homebuyers and investors. According to Square Yards, an integrated real estate prop-tech marketplace, Bengaluru's registered home sales value saw a substantial 30% increase over the previous quarter during the second quarter (Q2) of 2024, reaching Rs 196.31 billion by the end of June. The report indicated that the city experienced a significant 19% rise in registered residential transactions, totalling 28,356 units during the same period.
NBR Group, a real estate developer based in Bengaluru, has acquired a 9.65-acre land parcel in the Sarjapur-Mullur suburb of the city. This acquisition is strategically important as it opens the door for the development of a high-rise residential project covering 9 lakh square feet. The project is expected to generate a gross development value exceeding Rs 12 billion for the company.
Nagabushana Reddy, the Managing Director of NBR Group, noted that this area represents a mature market characterized by strong demand for residential real estate and a limited supply of land. He mentioned that this project signifies a significant expansion for NBR Group in the luxury housing segment, addressing the high demand for premium residential spaces in Bengaluru.
Sarjapur-Mullur has become one of Bengaluru's most sought-after residential destinations due to its strategic location between key hubs such as Whitefield, Electronic City, and the Outer Ring Road. Infrastructure developments, including the extension of the metro line and improved road connectivity, have led to a surge in housing demand in this region. The area is witnessing a boom in residential projects, particularly in the mid to high-end segment, as tech professionals and families seek affordable yet well-connected alternatives to central Bengaluru. Furthermore, the proximity of Sarjapur-Mullur to IT parks, educational institutions, and the upcoming peripheral ring road has enhanced its attractiveness as a promising residential area.
Additionally, Bengaluru's residential real estate market continues to grow robustly, fueled by sustained demand from homebuyers and investors. According to Square Yards, an integrated real estate prop-tech marketplace, Bengaluru's registered home sales value saw a substantial 30% increase over the previous quarter during the second quarter (Q2) of 2024, reaching Rs 196.31 billion by the end of June. The report indicated that the city experienced a significant 19% rise in registered residential transactions, totalling 28,356 units during the same period.
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