For a 7-acre land parcel in Gurgaon, Pardos Real Estate, a development platform run by the $250 million Alternative Investment Fund of the DMI Group, paid roughly Rs 180 crore.
The commercial property parcel in Sector 74, Gurgaon has a development potential of 800,000 square feet. The individuals previously mentioned that the purchase was handled by CBRE India and that the company plans to build an office tower on the newly acquired site.
The transaction was verified by the DMI group. As of the time of publication, CBRE India had not responded to an email inquiry on it. A 41-acre land piece on the Ballabhgarh-Sohna highway was purchased by Pardos Logistics.
In March 2022, for around Rs 50 crore, with plans to create 1 million square feet of premium warehouse space by Pardos Real Estate Company. Over the past few months, there have been numerous property acquisitions in the national capital region as developers have been eager to sell off their outdated inventory.
Here Are Some Other Land Acquisitions In The NCR
In one of the largest recent land acquisitions in the nation, the Gurgaon-based Elan Group recently paid Rs 580 crore to Indiabulls Real Estate for 40 acres of property in Sector 106, Dwarka Expressway, Gurgaon.
These days’ developers have solid cash flow and investors are again seeking for commercial properties. To meet the increasing demand of end users, the developers now want to buy land and start the project as soon as possible.
CBRE predicts that 2022 will be a strong year for residential real estate, with both supply and new launches projected to perform well. An increase in new releases is anticipated, particularly in Pune, Mumbai, Hyderabad, Bengaluru, and Delhi-NCR.
Due to the strong sales momentum and developers’ determination to pass on the increase in input and labor costs to customers, asset prices are anticipated to increase. Leasing is gaining momentum in the business sector; space take-up would be attributed to the release of pent-up demand as well as the growth and consolidation needs of occupiers.
The Reason Behind The Spike In The Commercial Segment
For example, Max Group has purchased two land plots in Noida and is negotiating to purchase a third in Gurgaon. In order to build an opulent group housing complex, the Noida-based Gaurs Group paid Rs 200 crore for a land lot in Jaypee Greens.
The company intends to invest an extra Rs 500 crore in the development of 1.3 million sq. ft. of luxury residential space. Due to the increase in sales, developers have enough of cash on hand to buy property and no inventory to worry about.
However, established developers who own premium real estate in some of these locations are taking a wait-and-see approach to determine the dynamics of the local demand in the face of the uncertainty brought on by the pandemic.