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Enthused by astonishing growth numbers, the Indian real estate industry is getting ambitious like anything. In recent times, the market has seen some gigantic deals by the biggies in the field.
The size of the deals in the Indian real estate markets is expanding by time, and it’s no more a standalone transaction involving a few acre of land.
Recently, India’s largest real estate deal in terms of the acreage from a single source took place at Vizag where Delhi-based real estate developer Unitech Group bought 1,750 acres of land at a staggering cost of Rs 3,328 crore, to be paid over a period of 10-year.
The developer will invest a surplus of Rs 20,000 crore inclusive of land cost, to develop a built-up space of 10 million square feet for an Infotech park that will encompass villas, high-rise apartments, shopping centers, hotels, school, hospitals, Entertainment Park and a 250-acre golf course. The sales expected from the project sales accounts for Rs 75,000 crore.
Delhi Properties simmered further as another major deal took place in the form of Delhi-based real estate giant DLF recently winning the tender to develop a 9,000 acre New Bangalore township at Bidadi, near Bangalore. The project amounts for Rs 60,000 crores. It is the largest by size and investment, but only a fraction of the land will be given by the state government and the rest will have to be obtained from farmers at Rs 56 lakh an acre (approx).
Earlier when the DLF bought 38 acres land property in west Delhi for Rs 1,675 crore from DCM Shriram Consolidated Ltd and the Lohia Group it surpassed Unitech’s record for the most pricey 300 acre land deal at Rs 1,582 crore in Noida the preceding year.
The story does not end here. Another Delhi-based real estate developer Omaxe also acquired over 11 acres of land in Faridabad for developing a huge residential project with an additional investment of Rs 100 crore. The complex would have 8.4 lakh sq ft of saleable area.
The company had also bagged a 20-acre land deal in Visakhapatnam for Rs 100 crore, where it plans to develop a residential project with a whole investment of Rs 500 crore.
With so much competition brewing up in the market and with debut of a new face every now and then in the Indian real estate industry the real estate players are keeping no stone unturned to toughen their grip in the business, and the size of the property deals in India is expected to expand even more.
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