Concorde Acquires 4.5 Acre Land In Bengaluru For Rs 100 Crore To Build Housing Project

Realty firm Concorde on Wednesday said it has acquired 4.5 acre land in Bengaluru for Rs 100 crore to develop a housing project with a total revenue potential of Rs 400 crore.

In a statement, the company said that the land is located at Thanisandra in North Bengaluru.

The company plans to develop a landmark residential project on this land parcel with a revenue potential of around Rs 400 crore.

Concorde plans to develop around 425 units in this upcoming housing project. The construction work will start in July this year.

The total project cost, including land and construction, is estimated at around Rs 250 crore.

"This project is part of our plan to expand our footprint in Bengaluru," Anil R G, Managing Director of Concorde, said.

"Home automation continues to be a key priority for us as we enhance safety measures and work towards energy conservation," he said.

Bengaluru-based Concorde has developed 25 million square feet of housing and commercial real estate projects in the last 25 years.

According to housing brokerage platform PropTiger, the sales of residential properties in Bengaluru rose 44% last year to 44,002 units from 30,467 units in the previous year.

On Wednesday, housing brokerage firm Anarock data showed that housing sales in Bengaluru have risen 14% to 17,790 units during January-March 2024 from 15,660 units in the year-ago period.