Pardos Real Estate, a development platform by the DMI Group’s $250-million Alternative Investment Fund, has acquired a 7-acre land parcel in Gurgaon for about Rs 180 crore, three people aware of the deal said.
The commercial land parcel, with a development potential of 800,000 sq ft, is located at sector 74 in Gurgaon.
The company is expected to construct an office tower on the acquired land, the people cited earlier said, adding that CBRE India has facilitated the deal.
The DMI group confirmed the transaction. An email query sent to CBRE India remained unanswered till as of press time.
In March this year, Pardos Logistics, a subsidiary of Pardos Real Estate, had acquired a 41-acre land parcel for about Rs 50 crore on the Ballabhgarh-Sohna highway to develop 1-million sq ft of prime warehousing space.
There have been many land acquisitions in the national capital region over the past few months with developers keen on selling old inventory.
Recently, Gurgaon-based Elan Group acquired 40-acres of land from Indiabulls Real Estate for Rs 580 crore in Sector 106, Dwarka Expressway Gurgaon, in one of the biggest land deals in the country in recent times.
“Developers have healthy cash flow and investors are again looking for commercial properties,” said Shauzab Kazmi, a consultant at Noida-based Investors Clinic. “The developers now want to acquire land and launch the project at the earliest to cater to the growing demand.”
According to CBRE, 2022 is expected to be a good year for residential real estate, with both supply and new launches likely to post robust performance. There’s an uptick expected in new launches, especially in Pune, Mumbai, Hyderabad, Bengaluru and Delhi-NCR.
Asset prices are likely to witness an uptick on account of strong momentum in sales as well as developers’ decision to pass on the rise in input and labour cost to buyers.
In the commercial segment, leasing is seen picking up momentum; space take-up would be attributable to the release of pent-up demand and expansion and consolidation requirements of occupiers.
For instance, Max Group has acquired two land parcels in Noida and is in talks to acquire another in Gurgaon.
Noida-based Gaurs Group has acquired a land parcel in Jaypee Greens in Noida for Rs 200 crore to develop a luxury group housing complex. The company plans to develop 1.3 million sq ft of premium residential space with an additional investment of Rs 500 crore.
The growth in sales means developers are left with no inventory and have healthy cash flow to acquire land.
But on the other hand, established developers, who own prime land in parts of these markets, are in a wait-and-watch mode to gauge the region’s demand dynamics amid the pandemic-induced uncertainty.
Source : ET