NEW DELHI: After luxury project ‘Sumadhura Nandanam’ in Bengaluru, Bengaluru based realty major, Sumadhura Group has announced their plan to foray into commercial office space in the city.
The company which has majorly focused on residential properties so far, sees a growing opportunity to boost their portfolio in the lucrative commercial Grade A office segment, which is experiencing a growth trajectory.
They plan to tap into this opportunity, which as per industry report is expected to grow to over 33% in the next five years in Bengaluru and with 26 million sft of office space scheduled for completion by 2020.
Over the last two decades, Sumadhura Group has made major inroads into Bengaluru and Hyderabad markets with over 30 residential projects, which includes a current portfolio of 5 million sft of residential projects under construction and of 8.2 million sft under planning. They have plans to enter into newer markets of Chennai and Pune soon.
Over the last two years the company has launched several marque projects, which include the recently launched 14-acre, 1113-unit residential project ‘Sumadhura Eden Garden’ and 4.2-acre residential project ‘Sumadhura Soham’ in East Bengaluru.
The company had also launched a 300-crore residential project ‘Sumadhura Acropolis’, a 4-acre project in Hyderabad, which is expected to be completed by 2019. The over four-acre project will offer a total saleable area of more than 1 million sft.
“Our unique customer centric business model has a proven track record of innovation and quality, and also has been instrumental in the group’s rapid growth. With prominent presence across Bengaluru and Hyderabad over the last two decades, we are now entering into commercial office segment with a one million sft grade A plus office space in Whitefield, Bengaluru being planned,” said Madhusudhan G., Chairman and MD, Sumadhura Group.
As per industry reports among the top 10 micro-markets that witnessed highest on-year growth in office rentals, six were recorded to be in Bengaluru with 11-26% rise. Bengaluru’s Outer Ring Road witnessed 12.7% rise and Whitefield micro-market witnessed an increase of 11.1%.