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Tata Realty Acquires 25-Acre Bengaluru Land for £110M
2023-08-11
Tata Realty and Infrastructure Ltd (TRIL), the real estate arm of Tata Group, has acquired a 25.3-acre land parcel in Doddanekundi near Whitefield, Bengaluru, for over Rs 9.86 billion. The land was purchased from Graphite India through TRIL's wholly-owned subsidiaries, TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. The deal values the plot at nearly Rs 400 million per acre, marking it as the costliest transaction for a land parcel in the vicinity. Industry experts believe this acquisition reflects the ongoing market consolidation favoring large and established developers, who have better execution ability and access to liquidity. The transaction is part of a broader trend of increased land transactions, with many deals being closed or expected to close soon in key property markets across India. The ongoing upcycle in the housing market is prompting more developers to propose residential developments on their land parcels, with 84% of the total 2,181 acres transacted between January 2022 and May 2023 allocated for proposed residential developments.
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