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Land values in B'lore remain resilient

By - Magnum

Despite the sluggishness in the real estate market some recent land transactions indicate that land values remain resilient. In one of the biggest land transactions in Bangalore in recent times, Ashok Piramal-promoted Peninsula Land has bought close to 4 acres in JP Nagar for Rs 123 crore in an all cash deal. That's Rs 30.75 crore for each acre or Rs 7,059 per sft. The transaction is significant as developers are showing the appetite to buy land at over Rs 7,000 per sft," said Farook Mahmood, CMD of brokerage firm Silverline Realty . Parts of South Bangalore command as much as Rs 8,000-12 ,000 per sft in some of the residential developments .Rajesh Jaggi, MD of Peninsula Land, said the company was planning a high-end residential tower, with apartments starting at Rs 2.5 crore, in the JP Nagar property. Land transactions in 2010 generally happened at much lower rates. Delhi-based developer DLF last year sold 15 acres in Whitefield to data management company for Rs 120 crore. That's Rs 8 crore an acre. About six months ago, Mantri Developers bought 28 acres on Kanakapura Road at a per acre land value of about Rs 9 crore. The company wants to use it to develop apartments priced at Rs 60-70 lakh.