New Corridors Drive Bengaluru’s 2024 Land Deal Frenzy
BENGALURU: The Bengaluru real estate market is witnessing a surge in land deals, driven by the city’s rapid infrastructural development and its growing status as a global tech hub. The city has seen a flurry of high-profile land acquisitions in 2024, particularly in emerging neighbourhoods close to key IT corridors. The surge in demand for both residential and commercial spaces is reflective of Bengaluru’s ongoing transformation into a bustling metropolis, attracting multinational corporations (MNCs) and startups alike.
One of the standout land deals in 2024 occurred in July, when Bengaluru-based real estate giant Puravankara Ltd acquired a 7.26-acre plot in the rapidly developing Hebbagodi suburb. The project, which is set to cost over ₹900 crore, will feature a luxury residential development with a saleable area of approximately 7.5 lakh square feet. Located just 5 km from Electronic City, one of Bengaluru’s major IT hubs, this acquisition reflects the increasing demand for premium housing in proximity to key commercial areas. Another notable acquisition took place in April 2024, when Sumadhura Group, a prominent real estate developer in South India, purchased 40 acres of land in Bengaluru for around ₹800 crore. This acquisition will contribute to a residential project pipeline worth up to ₹6,000 crore, catering to the growing housing demand in the city. The land parcels, strategically located in Bengaluru’s emerging East and South-West corridors, will play a pivotal role in the developer’s expansion plans. Sumadhura Group’s land bank now spans 100 acres across Bengaluru and Hyderabad, reinforcing its commitment to meeting the rising residential demand in the region.
Emerald Haven Realty Ltd, another key player in the Bengaluru real estate market, secured a 4-acre plot in Thanisandra, North Bengaluru, in September 2024. The land, valued at ₹600 crore, will be developed into a residential project with an estimated saleable area of 500,000 square feet. Thanisandra, located in close proximity to the Kempegowda International Airport, NH44, and the Outer Ring Road, is one of Bengaluru’s fastest-growing corridors. With robust connectivity to major infrastructural hubs, the area is poised for further development, making it an attractive location for both residential and commercial projects. In October, Prestige Group made a significant acquisition in the eastern IT hub of Whitefield, purchasing 17.45 acres of land for ₹462 crore. The planned development will span 2.68 million square feet, catering to the growing residential demand in one of Bengaluru’s most established tech corridors. Whitefield, already a prominent area for IT and commercial properties, continues to see heightened interest from developers, and this acquisition further solidifies Prestige Group’s foothold in the city’s real estate landscape.
According to a report by property consultancy CBRE, Bengaluru accounted for 22% of all land transactions across six major cities in India during the first nine months of 2024. This places it second only to Delhi-NCR, which led the land deal activity with a 32% share. Other cities like Mumbai and Chennai followed with 12% and 10% shares, respectively. Collectively, these four cities contributed to 75% of total land deal volumes in India during the period. A key driver of the current land deal activity in Bengaluru is the development of new infrastructure corridors. The city’s expanding metro network, upgraded roads, and improved connectivity to key industrial hubs are making previously underdeveloped areas more accessible to both commercial and residential developers. Moreover, the ongoing development of smart cities and economic zones is attracting investment, not only from domestic developers but also from global players looking to tap into Bengaluru’s growing tech ecosystem. As infrastructure development accelerates, land acquisition in emerging areas of Bengaluru is expected to remain strong in the coming years. This shift towards developing suburban areas is creating new opportunities for real estate developers and investors seeking to capitalise on the city’s expanding urban footprint.
