Luxury Project Planned for Kokapet Land Acquisition

Bengaluru: Lansum Properties, a Hyderabad-based real estate developer, has secured a 3.6-acre land parcel in Kokapet, Bengaluru, for approximately ₹200 crore. This acquisition marks a significant expansion for the firm as it plans to develop a high-end residential project on the site.

The company has procured ₹250 crore in funding from IndusInd Bank to support the project’s development. According to insiders, the firm has completed the land transaction and secured construction financing to proceed with the luxury development. The planned residential project will feature upscale units, with prices starting from ₹2.4 crore. It will offer a range of configurations, including three-bedroom, hall, and kitchen (BHK) and four-BHK units. The development is expected to rise 55 floors high, leveraging the unlimited floor space index (FSI) available in Hyderabad. This approach reflects the growing demand for high-end residential properties in the city, particularly in the Kokapet area.

The residential market in Hyderabad remains robust, driven by strong demand for premium homes. Recent data highlights a 50% increase in property registrations priced above ₹1 crore as of March 2024 compared to the previous year. This surge in demand has contributed to a substantial rise in land prices, with rates in Hyderabad’s Kokapet IT belt nearly doubling to ₹75-80 crore per acre from under ₹40 crore in 2021. The market dynamics are further influenced by the increasing interest from builders and developers, pushing land prices upward. Knight Frank’s recent report underscores the buoyancy in Hyderabad’s luxury property segment, reflecting broader trends in the real estate sector.

As Lansum Properties prepares to launch its ambitious residential project, the company’s move underscores the growing appeal of high-end residential developments in Hyderabad, driven by rising demand and escalating land values.