NEW DELHI: Bengaluru-based Assetz has acquired an 11.5-acre land parcel on the Old Madras Road (OMR)/Hoskote Highway in East Bengaluru.
The company intends to develop a luxury residential community with an estimated gross development value (GDV) exceeding ₹1,400 crore.
This strategic acquisition, which includes a joint development with Vanshee Builders & Developers, is backed by a funding partnership with Motilal Oswal Alternates.
The project will encompass 1.4 million sq ft of saleable built-up area (SBA), offering about 800 units.
Sunil Pareek, executive director of the company, stated, “In the last two years, we have built a pipeline of 17 million square feet across 19 projects, with the potential to deliver 9,000 homes. With 10 launches this year, we are dedicated to providing homes that deliver long-term value to our buyers and communities.”
Anand Lakhotia, managing director & co-head (Real Estate), Motilal Oswal Alternates, commented, “Having recently announced the final closure of our sixth real estate fund, through which we raised ₹2,000 crore, we are in a strong position to facilitate quality land acquisitions.”
