3 weeks ago
Sumadhura Group to invest Rs 2,000 crore in Bengaluru housing
A big Indian company called Sumadhura Group builds homes and other buildings.
The company is going to spend around Rs 2,000 crore to build a new housing project in Bengaluru, a large city in India.
A crore is a very big number in India, so Rs 2,000 crore is an enormous amount of money.
The company made an agreement with the person who owns a large piece of land in an area called the Whitefield-Kannamangala Corridor in East Bengaluru.
The new project will have 2.5 million square feet of space that can be sold as homes.
The head of the company, Madhusudhan G, said this area has a lot of room to grow.
Sumadhura Group has already finished 56 projects covering over 17 million square feet, and has even more planned.
The company also builds offices, shops, warehouses and co-living spaces, not just homes.
In June, it announced another project in Devanahalli with around 450 villa plots where people can build their own homes.
Sumadhura Group will invest around Rs 2,000 crore to build a residential project on a 17-acre land parcel in the Whitefield-Kannamangala Corridor, East Bengaluru.
The company has signed a Joint Development Agreement (JDA) with the land owner for the project, which will have 2.5 million sq ft of saleable area.
Madhusudhan G, Chairman & Managing Director, said there is huge growth potential in the Whitefield-Kannamangala Corridor.
The Bengaluru-based group has completed 56 projects spanning over 17 million sq ft and has more than 40 million sq ft in its pipeline.
In June, the group announced an investment of around Rs 400 crore for the second phase of 'Sumadhura Panorama' in Devanahalli, spanning 34 acres with about 450 villa plots.
- Who
- Sumadhura Group, led by Chairman & Managing Director Madhusudhan G, and a land owner with whom the company signed a Joint Development Agreement.
- What
- An investment of around Rs 2,000 crore to construct a residential housing project with 2.5 million sq ft of saleable area.
- Where
- Whitefield-Kannamangala Corridor, East Bengaluru, India.
- When
- Announced on August 7; a related Rs 400 crore investment for the second phase of 'Sumadhura Panorama' was announced in June.
- Why
- To tap the huge growth potential in the Whitefield-Kannamangala Corridor, as noted by Madhusudhan G.
Key facts
- Investment
- Around Rs 2,000 crore
- Location
- Whitefield-Kannamangala Corridor, East Bengaluru
- Land parcel
- 17 acres
- Saleable area
- 2.5 million sq ft
- Deal type
- Joint Development Agreement (JDA) with land owner
- Projects completed
- 56 projects spanning over 17 million sq ft
- Pipeline
- More than 40 million sq ft
- Business segments
- Housing, office, retail, warehousing, co-living
Sources
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