Tata Realty buys 1.02 lakh sq metre land in Bengaluru from Graphite India for Rs 986 cr

New Delhi: Tata Realty and Infrastructure Ltd (TRIL) has bought over 1.02 lakh square metres of land in Bengaluru from Graphite India Ltd for Rs 986 crore.

In a regulatory filing earlier this week, Graphite India said that a committee of directors approved a proposal to sell 1,02,349.33 square metres of land in Bengaluru for an aggregate consideration of Rs 986.13 crore to TRIL's two subsidiaries TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd.

The land has been sold, along with the structures standing thereon having an aggregate built-up area of 12,674 square feet, the filing said.

The company received the entire consideration on August 7, and the registration process was also completed on the same day.

TRIL is a 100 per cent subsidiary of Tata Sons. Graphite India manufactures graphite electrodes as well as carbon and graphite speciality products. It has six plants in India.

According to real estate consultant Anarock, real estate developers remained active in land acquisition for future development, and they closed at least 87 land deals, totalling 1,862 acres, during the last fiscal.

During 2021-22, Anarock said, 44 land deals accounting for about 1,649 acres were closed across various cities.

Another consultant CBRE India said that nearly 6,800 acres have been acquired by real estate developers and investors during the 2018-22 period to construct greenfield realty projects.

The activity has especially accelerated in the past two years, with nearly 60 per cent of the land being acquired from January 2021 onwards, CBRE said in a report in April this year.

With a sharp revival in housing demand, major real estate developers are aggressively buying land parcels and also entering into joint development agreements (JDAs) with land owners to expand their businesses.