The acquisition reinforces the company’s confidence in the Sarjapur Road corridor, further strengthening its presence in a micro-market which has rapidly emerged as one of Bengaluru’s most vibrant residential destinations, according to the company statement.
The residential project, which spans across 5.2 acres, offers a total carpet area of about 10 lakh square feet, comprising 1,324 units, with a Gross Development Value (GDV) of about Rs 2,000 crore, the filing mentioned.
The Adani Realty residential project had been in limbo for a while due to legal issues, but after a recent Supreme Court ruling on environmental clearance for real estate projects, the project is all set to take off, according to market sources.
The past four years have been dominated by “upgrade” demand, serving developers well to achieve better pricing.
